Does it matter? Transnational corporations are sovereign in all but name. If Google really, really doesn't like a particular local law, they'll pull out of the country (e.g. mainland China and, soon, Hong Kong). The "local, Australian-owned and regulated megacorp" is Rupert Murdoch's media empire, which is currently in bed with the reigning Liberal party. There is no regulation here.

There is a kernel of truth in your post; we do need a better funding mechanism for independently produced news. However, it's hard not to see this as less "preserving independent news" and more "Google should pay for the house organ".