The defence will"require a defendant to prove both that the statement was on a matter of public interest and the defendant reasonably believed that its publication was in the public interest".
Sydney is one of the defamation capitals of the world,due in part to Australia's tougher defamation laws,and defamation payouts have escalated in recent years.
Actor Geoffrey Rushholds the record for the highest defamation payout to a single person in Australia,at $2.9 million,including aggravated damages and damages for loss of income.
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In a move to curb damages payouts,the revised laws are expected to clarify that the present cap of $421,000 on defamation damages for non-economic loss applies even if aggravated damages are awarded on top. Courts have interpreted the existing cap as ceasing to apply if aggravated damages are awarded.
The country's defamation laws have not been updated since a new national regime took effect in 2006,replacing an unworkable system of eight different defamation laws. To create a national regime,the states and territories passed mirror legislation.
Mr Speakman has led a push to update the laws to bring Australia into line with technological changes and developments in other Western democracies.