CANBERRA, Dec. 9 (Xinhua) -- Tech giants including Google and Facebook will be forced to pay for Australian news content under "world-first" laws.

Treasurer Josh Frydenberg on Wednesday introduced the mandatory bargaining code, which will deliver a lifeline to struggling news outlets, to Parliament.

He said that the code, which is the result of a three-year digital platforms review conducted by the Australian Competition and Consumer Commission (ACCC), would ensure that "rules of the digital world mirror the rules of the physical world."

Frydenberg said the review found that for every 100 Australian dollars of online advertising spend, 53 goes to Google, 28 goes to Facebook, and 19 goes to other participants. He said the traditional news media businesses generating that original journalistic content "are not fairly getting compensated for that."

"This is a huge reform. This is a world first. And the world is watching what happens here in Australia," he said in a press conference on Tuesday.

"But our legislation, which will be introduced in the Parliament tomorrow and will then go to a committee, a Senate committee, our legislation will help ensure that the rules of the digital world mirror the rules of the physical world."

Under the proposed laws, digital platforms starting with Facebook and Google will be required to negotiate with news companies to put a price on their content. If no agreement can be reached the parties will be forced into arbitration.

Arbitrators, who are independent, will choose that best offer, but the money can only go one way, according to Frydenberg.

"The money can only go from the digital platforms, Google and Facebook, to the traditional news media businesses and this, we hope, will create a sustainable and viable Australian media landscape," he told Sunrise, an Australian breakfast show program, on Wednesday.