The federal government has agreed to amend Australia’s world-first news media bargaining code in response to negotiations with Facebook.

The platform’s contributions to the sustainability of the media industry will now be taken into account, and arbitration will be used as a “last resort”.

Nine News political reporter Jonathan Kearsley told Jim Wilson Facebook is set to restore news sharing on the platform over the coming days.

“This agreement has been struck after a number of conversations between Treasurer Josh Frydenberg and Mark Zuckerberg.

“The world has been watching this, Jim.”

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