The bill has been followed with great interest from the outside world and can be seen as a step in regulating the IT giants' strong position online.
The proposal means that Google and Facebook will be forced to pay part of their advertising money to local media companies.
In France, it has already been agreed that Google will pay for journalistic material and news content.
And at EU level, it is currently being discussed how different bills can provide more insight into the IT giants' monopoly.
Threatens to shut down the search function
Although both Google and Facebook can afford to pay for the Australian news shared on their platforms, companies are afraid that the bill will lead to similar regulations spreading internationally.
Last January, Google therefore threatened to turn off the search function in Australia.
Facebook has also criticized the bill and threatened to block the function of sharing and reading news on the platform.
In October, Google launched the News Showcase news service and two weeks ago it became available in Australia.
On Monday, information came in that Australia's largest news company Seven West Media has entered into a long-term partnership with Google's News Showcase service.
A decision on the bill will come on Tuesday.