If the news organisations want people to pay for news, they can change to a subscription model and put their content behind a pay wall. Many companies already to this: I myself pay over a hundred pounds a year for the Economist for their excellent reporting. The old establishment needs to understand they're not special, and if they want people to pay for news they need to provide content that's worth paying for, just like everyone else.
It's a law written mostly by the ACCC.
Which is operated mostly by Murdoch cronies.
On top of all this, the definition of "core news" in the bill is ridiculously broad.
It's completely untenable, and IMO Facebook would surely (and predictably) have to leave the Australian market under those conditions.