* Treasurer determines whether a digital platform is subject to the code of conduct

* The Australian Communications and Media Authority will assess the eligibility of news media businesses to participate

* Digital platforms like Google and Facebook will need to negotiate in good faith about payments to Australian news media businesses, with bargaining allowed individually and collectively

* ABC and SBS won't be able to bargain, but will get other flow-on benefits

* If no deal can be struck after three months, it will go to arbitration with a decision required within 45 days

* Platforms must give advance notice to news companies when they make changes which affect news rankings, display of news content and advertising

* Penalties of up to $10 million for a breach of the code

* Draft laws expected to be introduced to parliament by the end of the year, with the first deals expected to be reached within six months of the laws coming into effect

WHAT IS BEING SAID ABOUT IT?

"It's about a fair go for Australian news media businesses" - Treasurer Josh Frydenberg

WHY IS IT NEEDED?

* The ACCC says the code seeks to address bargaining power imbalances between Australian news media businesses and global digital platforms such as Google and Facebook

* This imbalance has resulted in news media businesses accepting less favourable terms for the inclusion of news on digital platform services than they would otherwise agree to

* It deserves special attention because a strong and independent media landscape is essential to a well-functioning democracy

Australian Associated Press