Facebook says it doesn’t need news stories for its business and won’t pay to share them in Australia

Social media giant rejects ACCC proposal, saying it could cut out news completely without any significant impact on its business

Facebook has rejected a proposal to share advertising revenue with news organisations, saying there would not be significant" impacts on its business if it stopped sharing news altogether.

On Monday, the social media giant issued its response to the Australian Competition and Consumer Commission, which has been tasked with creating a mandatory code of conduct aimed at levelling the playing field.