"Assuming this draft code becomes law, we will reluctantly stop allowing publishers and people in Australia from sharing local and international news on Facebook and Instagram.” [1]
Google has also threatened/promised that it would pull Google Search from Australia if the code passes (though, like FB, it suggested this was a worst-case scenario. [2]
As an Aussie ex-pat, I'm fascinated to see what happens if both FB and Google go through with these worst case scenarios. It would make for a different Facebook experience, I imagine, and it would radically change the search market in Oz where Google has around 90% of the market. [3]
Personally, I think that it will hurt the media in Oz a lot more than it will hurt FB or Google. People looking for news will find ways to get around the 'Google/FB blackout' just like people in Oz have been finding ways to watch US TV shows and VPN/proxy into foreign Netflix sites for years. Maybe everyone will be back to the bargaining table after the 12 month review with a little more honesty about how much of their traffic comes because of Google and FB, and not how much they believe is lost to them.
[1]: https://about.fb.com/news/2020/08/changes-to-facebooks-servi... [2]: https://mumbrella.com.au/withdrawal-isnt-a-threat-its-a-wors... [3]: https://www.statista.com/statistics/220534/googles-share-of-...