Quite a few people here think that this legislation exists solely to prop up various News Corp outlets.
https://www.crikey.com.au/2020/11/26/coalition-news-corp-fun...
https://www.crikey.com.au/2020/11/26/coalition-news-corp-fun...
REA still makes up about 80% of news corps value.
When they talk about news being a bad loss-making business, they're talking about the newspapers that are subsidised by their online revenue and used to control politics in three major large democracies (yes, three - I count Australia!)
Five eyes my foot.
As you have noted, three of them appear to be completely blind. If they cannot protect us from this, then what are they there for?