Links that connect the web as we know it would be monetised, destroying the free flow of information. Australian media companies (who are themselves part of a larger group of global media organisations) know that paid links are completely incompatible to the free internet. Thats why they lobbied the government to break the internet on their behalf. Enter the dystopian 'media bargaining code' that,
1) Force companies to display selected media links and then charge them for it. In short, Extortion.
2) Paid links = lower search ranking. To circumvent the foundations of net search, this new law would force Google (and others in the future) to alter their algorithms to preference media organisations and charge the search engine in the process. An aggressive takeover of a companies service through government legislation.
The media, like everyone else, can create their own websites and charge as much as they please for their content. They are not happy with this level playing field and require laws to take control of another companies services. It is an attack on the free internet itself for no other reason than some entitled companies thinking they deserve money because they were beaten at their own game.