The reforms are a check on companies like Facebook and Google that could be copied in other countries.

The legislation has been watered down after a standoff between the government and Facebook over the past week, including Facebook's drastic move to block all news for Australian users.

That decision set off a storm of criticism.

Then the social media giant took a U turn and re friended Australia on Tuesday after last minute concessions were made by the government, including ah longer period for tech companies to strike a deal with media before the government intervenes.

Treasurer Josh Fried Enberg trumpeted the law's passage as a win for supporting independent journalism, stating quote it was helping to sustain public interest journalism.

Facebook have also claimed the media codes last ditch changes as a victory, but not everyone is happy with the amendments.

The changes let firms like Facebook and Google off the hook if they make so called significant contribution to Australian media.

Some lawmakers and publishers have warned that could unfairly leave smaller media companies out in the cold.

For example, a fixed payment from Facebook or Google doesn't lead to more money invested in journalism by major media firms.

When it was announced, Google and Facebook fiercely opposed the law.

But since then, Google has struck deals with several firms, including Rupert Murdoch's News Corp.

And This week Australia's national broadcaster, ABC and other TV network said they were in talks with Facebook.

Other world leaders have followed the saga closely as countries like Canada and Britain consider similar steps that may loosen big tax grip on news.