Facebook and Google could be required to pay news outlets for their content in "world first" legislation set to be introduced to Australia's parliament today. In one of the most aggressive moves to check the power of the US digital giants, Canberra plans to compel the companies to pay media organisations when their platforms host their content or face millions of dollars in fines. Treasurer Josh Frydenberg said the new rules, first mooted in July, will be introduced to parliament Wednesday and are expected to come into effect next year. The new media law will apply to Facebook's "News Feed" and Google searches.  The initiative has been closely watched around the globe, as news media worldwide have suffered in an increasingly digital economy where advertising revenue is overwhelmingly captured by big tech firms.