Good afternoon.

I begin by acknowledging the Traditional Custodians of the land on which we meet today, the Kaurna people, and recognise those with a continuing connection to the lands of the Adelaide Plains. 

Together, we stand on the shoulders of more than 1,600 generations of First Nations people.

I extend my respect to First Nations people joining us today. 

Over the past two decades, trust in public institutions has come under increasing pressure. Governments, science, medicine and journalism have all felt the effects.

Paradoxically, this has occurred during an era of unprecedented access to information. Most Australians carry the world's knowledge in their pocket, yet access to more information does not always mean access to better information.

At the same time and because of this, the way Australians consume news has changed dramatically.

More people are getting their news through social media and other digital platforms.

Algorithms and online communities increasingly influence what information people see, creating challenges for informed public debate and at times creating bubbles where people have their own views reaffirmed.

These changes have placed significant pressure on journalism. Revenue models have been disrupted, audiences have fragmented, and trust has been tested - if not eroded - at times.

The media landscape has changed dramatically - the number of people reading physical newspapers is dropping and people are less likely to seek out traditional sources for their news.

Yet the role of journalism remains as important as ever.

A strong and independent press informs democratic participation, scrutinises power, serves communities and ensures Australians have access to reliable information. A healthy democracy depends on it.

That is why the Albanese Government is committed to supporting a strong and sustainable Australian news sector.

As our world becomes more complex, it has never been more important that local stories are told and that Australians have access to local quality and trusted news.

An under-resourced media sector risks losing the capacity for local reporting, scrutiny and accountability, and that is something none of us can afford.

Our approach has three parts.

One, we are supporting the journalism Australians already rely on. Through the Journalism Assistance Fund, part of the broader News Media Assistance Program, we are helping sustain public interest journalism across the country.

We are also continuing support for the Australian Associated Press and helping regional, multicultural and First Nations media outlets, ensuring diverse voices remain part of our national conversation - because local news matters to local communities.

This support is not conditional on what stories are written, and anything to the contrary is an insult to Australian journalists. Our media sector is strong and mature and I know they do and will continue to hold people to account, including those in government.

Two, we are helping news organisations adapt and innovate.

Through the News Innovation Fund, we are supporting new business models, new revenue streams and greater organisational capability so Australian newsrooms can succeed in a changing environment.

This $31.5 million investment in a strong, sustainable news ecosystem will see newsrooms across the country receive grants between $10,000 to $9 million later this year. These applications are being assessed now.

Three, we are making sure the rules keep pace with the way Australians access news today.

Most Australians now consume content online, with people getting their news directly through social media and search engines.

These large digital platforms benefit from the work of Australian journalists, and the Albanese Government believes it is only fair that some of that value is returned to the organisations that create it.

That is why we are progressing the News Media Bargaining Incentive.

The existing News Media Bargaining Code is no longer delivering the outcomes it was designed to achieve, and this reform will establish a more sustainable framework for the future.

The Incentive encourages digital platforms to do commercial deals with Australian news organisations.

Those that do will receive substantial offsets. If they don't they will pay a charge, and this money will go directly back into the news media sector.

The principle is simple: platforms should contribute fairly to the journalism from which they benefit.

This matters because Australians depend on journalists to report the stories that matter, whether that's through the Press Gallery, local radio, multicultural media or a small regional newspaper.

Local news matters to local communities, and those stories cannot be told without supporting Australian journalists. We need more of them, not fewer.

But supporting journalism is only part of the task.

We also need to help Australians navigate an increasingly complex information environment.

That is why our government is developing Australia's first National Media Literacy Strategy.

It’s never been more important to engage critically with what we see in the media and online.

Last month we announced that Whereto Research has been engaged to work with the Government to develop the strategy in consultation with academic, industry and community stakeholders.

The strategy will help Australians build the skills needed to identify reliable information, engage confidently online and better understand the opportunities and challenges of the digital world.

By strengthening media literacy, we can also help create the conditions in which trusted and accountable journalism can thrive.

The challenges facing journalism today are not entirely new. The one constant in journalism, apart from deadlines, is the consistency of change.

I have confidence journalists will adapt to what their audiences need and want - but it is not an easy thing in an ever-changing world.

Every generation has confronted technological change, evolving audience expectations and new business realities. What matters is how we respond.

The Albanese Government is committed to working with the media sector to strengthen sustainable business models, support quality journalism and help Australians navigate a rapidly changing information landscape.

Good journalism can be uncomfortable and it actually should be uncomfortable at times for governments. But that is exactly why it matters.

A free press does not tell governments what they want to hear. It tells governments, and the public, what they need to hear.

Protecting public interest journalism is not simply about supporting an industry. It is about safeguarding our democracy and keeping Australians informed about what they need to know.

Thank you.