That means Google essentially takes the ad revenue right out of the mouth of content creators whom Google relies on.
On the other hand Australia needs to recognize that they are playing someone else's game. If Australia wants the boon of having Google popularize their content they can't expect to push Google around.
On a side note: I find it ironic that nobody looked twice at how the record labels killed competition. Nobody cared that oil companies sandbagged renewable energy for 60+ years. All these conservative companies who's lobbyists literally created American capitalism were fine with immoral behavior so long as they were the ones flying the "trickle down" flag. Now that "liberal" (read: progressive) tech companies played the capitalism home game and won all those once too big to fail industries are screaming that social media is too big and cancel culture, once the nation driver of our economy, is now bad.
Gee, it wasn't bad when you ran the world. At least tech companies pay a livable wage.