This report presents the outcomes of discussion and debate from an industry event (ICA Postconference News Industries: Funding Innovations and Futures, 24–25 June 2024). It focuses on two aspects of how to fund news: news business innovations and news subsidies. The report provides a global perspective on current challenges facing the industry and makes recommendations for government towards a sustainable future for news. 

The event explored what industry, governments and researchers can do to support public interest journalism, including best practice for transitioning to sustainable digital news providers, the role of regulators and governments in the transition, and what scholars can do to provide evidence and pathways to achieve these proposed changes. 

Key recommendations

• The Federal Government needs to act quickly to collaborate with industry to develop and implement long term financial solutions.
• Government should prioritise indirect subsidies in the forms of tax relief, wages, training and infrastructure support.
• Government needs to pay special attention to supporting local news, public interest journalism, and news for diverse audiences, and ensure the provision of these specialised news to all Australians.
• The Federal Government should revisit the News Media Bargaining Code to either update it to accommodate the rapidly changing ecosystem and designate those platforms under the code or walk away from it and develop a new more sustainable option.
• The Federal Government should consider introducing a levy on digital advertising and use the funds to support local news, public interest journalism and news for diverse audiences.
• Policy makers, traditional and alternative news providers, and academics should work together to redefine news. This will ensure consistency in distributing any funding to news outlets.