Meta’s Australian cash machine: $1.5 billion shipped offshore

Meta's Australian arm generated $1.74 billion in ad revenue in 2024, a 19 percent increase from the previous year, but paid $1.51 billion to parent companies. Financial filings show the local subsidiary also declared a $120 million dividend despite a net profit of $61.2 million, raising concerns as new legislation on media payments nears introduction.

Summary by Glance · SMH