This is the reality that underpins this month's federal government decision to mandate a code of conduct and payments system to media organisations.

If these companies hadn't been able to cherry pick from millions of stories posted online by newspapers, radio stations and television conglomerates, and share them for their own commercial gain, they would not have grown nearly as fast or as big.

Facebook, Google et al may be innovators in many ways, including how news and information is presented, but they are not news organisations.

They don't hire the reporters who keep communities like ours on top of local and national events.

Despite this they are the leading source of news for millions of people in Australia.

Prior to the rise of the big tech giants, the convention was for media companies to respect the intellectual property of one another. That went out the window with the advent of the internet. Operating under the specious argument they are merely facilitators, big tech companies, most famously Facebook, have sidestepped issues of liability over slander, libel, fake news and breach of copyright for years.

The most immediate victims of the online giants' approach to the use of the work of others have been "legacy media" platforms committed to factual accuracy, and accountability. That's why the Australian government's decision, to tackle this problem head on, is of international significance.

If a system of payments to media organisations was successfully put in place, it would become a precedent other countries, also committed to the preservation of quality journalism, would quickly follow.

The ACCC has until July to come up with a legally binding proposal to "support a sustainable Australian media landscape in the digital age". If it fails the biggest losers will be the Australian public. More reputable and independent sources of news and information will likely disappear.