Yeah, the way it's being discussed, it does seem like the law is trying to impose those four restrictions. But that seems like compelled speech...I know too little about Australian law, but that seems like a bad precedent, in the sense that government is now forcing private entities to publish news from sites they specify and pay for the privilege. It's not quite state media, but it adjacent to it.

The incentives are horrible. Piss off the government and you won't be included in the pool of sites that are eligible for shakedown money. Piss off Google / Meta and they will throw you out in the cold and make a deal with another site in the pool.