The Australian media bargaining code was legislated in 2021 to force Google and Meta to pay news publishers for content after the regulator found uneven bargaining power between the companies.

Assistant Treasurer Stephen Jones said a review of the code showed it had been successful in balancing the bargaining power.

“Digital platforms must continue to negotiate in good faith with news businesses to ensure they are fairly remunerated for the news content they create,” he said.

The Treasury review found 30 commercial agreements were made between Google and Meta and news companies.

It also found the agreements were highly unlikely to have been made without the code.

The review recommended a further review of the code after four years of operation and called for the consumer watchdog to prepare reports on which platforms should be covered by the code.

Public Interest Journalism Initiative chief executive Anna Draffin warned the code was far from a cure-all for Australia’s media sector and further action was necessary to ease the pressure on news organisations.

“As the review itself states, the code is not intended to address broader issues affecting Australia’s media diversity, nor the provision of public interest journalism,” she said.

Communications Minister Michelle Rowland said the code was one of a number of measures in place to support the Australian news industry.