“If our media goes the way of everybody being drawn on platforms with free unedited content,then you won’t have anyone investing in reputable media,” he said.
“This is quite an existential moment for Australian media.”
Costello was also federal treasurer between 1996 and 2007. He recently stood down as chair of the Future Fund after 10 years. He has been chair of Nine,the owner of this masthead,since 2016.
Costello said the $1.8 trillion tech giant’s monopoly position needed to be subject to improved government regulation,but that it was in Meta’s interests to continue to support reputable journalism in Australia.
Responding to the comments,a Meta spokesperson said,“it doesn’t make sense to invest in areas that don’t align with consumer preferences”,pointing to its own reports that users do not use the platform for news.
Publishers could continue to use its free services,they added.
Despite Meta’s plans to shift resources away from its news functions,the spokesperson said the platform was retaining its ongoing commitment to keep misinformation and harmful content off its services.