Netflix could be fined almost $1 billion if it fails to meet its local content obligations under the government’s proposed streaming quotas bill, which is expected to be tabled in Canberra next week, after years of debate and negotiation.

The amendment to the Broadcasting Services Act, which aims to guarantee a minimum spend by the streamers on Australian content other than sport, reality and news, will apply to all subscription video on demand (SVOD) streaming services with more than 1 million subscribers.

There is currently no obligation for the streamers to commission any Australian content at all.

On current subscriber numbers, the new rules would capture Netflix, Amazon Prime Video, Disney+, Paramount+, Stan and Binge. Apple TV is understood to be close to that threshold, and HBO,

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