It is not clear whether the concessions will be enough to stop the tech giants carrying out threats to limit their services in Australia if the government proceeded with a code they viewed as"unworkable".

Mr Frydenberg said he had briefed the Australian operations heads of Google and Facebook on Tuesday morning,but declined to say whether he had been given any assurances.

The code will be scrutinised by a Senate committee over the summer before going to a vote next year.

Labor has given in-principle support to the code's objectives but the party's communications spokeswoman,Michelle Rowland,said it would wait to see the legislation and the committee's conclusions before making its final decision.

"The key question here is:Has the government delivered a workable code?,"Ms Rowland said.

The finalisation of the code comes after a protracted negotiation process,with the government facing fierce opposition from Google and Facebook to key elements of the draft code prepared by the Australian Competition and Consumer Commission (ACCC).

Google had heavily lobbied for the two-way value exchange,which did not feature in the draft code,claiming it directed more than 3 billion visits to Australian news publishers in 2018,worth about $218 million.

Facebook said on Tuesday it would review the legislation once it was made public while Google released a brief statement saying:"We haven't seen the revised code yet."

News Corp Australia executive chairman Michael Miller said the code was a"significant step forward"in a decade-long campaign to rebalance the relationship between digital platforms and media companies.

"As a result of their lobbying,the tech platforms have won concessions,and there should be nothing stopping them now from reaching fair commercial agreements. Ultimately,this code will benefit Australian consumers by helping sustain Australian news from Australian media companies,"Mr Miller said.

Nine Entertainment Co,owner of this masthead,criticised the two-way value exchange model,saying it"seriously undermines"the policy intent of the legislation to address the bargaining power imbalance between news businesses and the tech giants.

"The continued concessions to the digital platforms only entrenches both their monopoly power and the significantly unfair imbalance in regulation,” a Nine spokesperson said in a statement. “These companies pay little or no tax,contribute little and often negatively to our culture,and employ no creative teams."

ABC managing director David Anderson said the broadcaster would reinvest any compensation it received from the tech giants into its regional journalism.

"The inclusion of the ABC in the remuneration arrangements under the code has the potential to provide a major boost to coverage of regional Australia,telling and sharing local stories,"Mr Anderson said.

Greens communications spokeswoman Sarah Hanson-Young said the inclusion of ABC and SBS in the code was an"important part of tackling the power and greed of the tech giants and protecting public interest journalism".

The Sydney Morning Herald andThe Age first reported in November thatthe government was considering weakening the code to incorporate a two-way value exchange.