Australia is set to introduce laws requiring streaming platforms to invest a minimum amount of money in homegrown content, the government said on Tuesday.

Platforms such as Netflix, Disney+ and Amazon Prime will have to contribute at least 10% of their local expenditure or 7.5% of revenue towards Australian content.

Legislation will be introduced to parliament this week and will cover drama, documentaries, arts, and educational programs.

Arts minister Tony Burke and communications minister Anika Wells stated that this initiative will help protect acting jobs, although streaming services have not yet commented on the matter.

Burke emphasized, We have Australian content requirements on free-to-air television and pay television, but until now, there has been no guarantee that we could see our own stories on streaming services. He highlighted that since their arrival in Australia, streaming platforms have produced many extraordinary shows, and this obligation will ensure that those stories—our stories—continue to be created.

It's noteworthy that these content requirements were initially intended to be implemented by July the previous year but faced delays due to concerns about their interaction with a free trade agreement with the US. Now, with political tensions settled, the rules are back under consideration.

The recent past has seen Australian shows such as Heartbreak High and Territory emerge on platforms like Netflix, but the local creative industry suffered a significant downturn, with investment in domestic productions plummeting by nearly 30% in the last financial year.

The new legislation aims to revitalize the Australian creative landscape and ensure a sustainable future for local stories.