The prime minister addressed the House of Representatives on Wednesday about the government's News Bargaining Incentive, as the Greens indicated support for changes made to the proposal.
Under the amendments, digital platforms will have to pay a 2.5 per cent levy on their digital advertising revenue if they do not strike deals with media outlets.
The initiative increases the distribution scheme loading for regional journalists, small to medium publishers as well as media in under-represented communities from 10 to 20 per cent.
Meta, the owner of Facebook and Instagram, has previously refused to renew deals with media companies following the expiration of existing ones.
Mr Albanese told parliament the sustainability of the nation's news sector must be addressed urgently, because the media is essential for a flourishing democracy.
"I want to say to Australia's journalists, news producers, editors, photographers, and video officers, we have your back," he said.
The legislation will "help keep 28 million Australians on that same page," Mr Albanese said.
"In a world where lies are routinely spread by bad actors, sometimes by images that are literally not real, truthful and accurate news is more important than ever," he said.Â
"In its absence, debate is too often replaced by anger, discourse by shouting, democratic discussion by abuse, cooperation by division. As we all know, this trend tragically is global.
"We talk not to each other but past each other. It makes it harder for us to maintain our great Australian sense of optimism."
Australian Associated Press has secured a five per cent share of all revenue collected by the government through the news bargaining incentive.
Greens communications spokeswoman Sarah Hanson-Young said the Greens will support the legislation in its current form.
"I don't think it's perfect ... but the principle that big tech should pay for the work that they use to make money off, created by others, journalists, creatives, is right," she said.
"Big tech should not get away with taking people's work, making profit off it, and not paying a cent."
Senator Hanson-Young was concerned Labor has failed to take the opportunity to tackle "the big AI machine sucking up everybody's work, scraping it, stealing it, and making massive profits".
The legislation passed the lower house and will be debated in the Senate on Thursday.
