The Australian recently government found itself the unlikely harbinger of a global trajectory toward more interventionist models of platform regulation with its enactment of the Australian News Media and Digital Platforms Mandatory Bargaining Code (NMBC) in 2021. The NMBC aims to support public interest journalism by ostensibly compelling digital platforms to bargain with news media organisations for remuneration for news content posted online. The Australian Federal Treasury completed the first review of the NMBC in 2022 and hailed the legislation a success. In a lot of ways, it was. There were 34 deals made amounting to more than AU$200 million across the media sector, which represents about 61 per cent of the market being covered by at least one deal. But is the Code fair or sustainable? More importantly, is the legislation replicable? I was part of a research team that examined policy documents and interviewed news media executives about their experience of negotiating with the platforms, with some findings published recently in Policy & Internet. Our research resonates with global responses to the ‘regulatory turn’ in platform governance, showing both the issues with the more interventionist models of regulation, and the lengths platforms will go to avoid them. A year after the introduction of the Code, we found the legislation was not always successful in meeting its publicly stated purposes; supporting public interest journalism. We showed that several issues remain unaddressed in the Australian legislation, including: lack of designation forcing platforms to continue to comply with the legislation, registration criteria for news outlets prioritizing legacy media organisations over equally worthy independent news providers, and the most importantly, the unintended extension of platform power into defining which media organisations constitute public interest journalism and should therefore benefit from the legislation. Commercial confidence provisions in the legislation means news organizations and platforms are not required to report how much money they received, how they invested it, nor whether that investment aligned with the NMBC’s aim of supporting…