Frydenberg said none of these agreements would have happened if not for the legislation proposed to create a so-called Media Release Code.
Lawmakers were debating amended legislation to create the code in the House of Representatives on Wednesday.
The code would create an arbitration panel to set a binding price for news in cases where Google and Facebook fail to reach agreements with the media companies with which they associate original journalism.
All I have heard from parties, both in the news media business and in terms of digital platforms, is that these are generous deals, Frydenberg said.
These are fair deals. These are good deals. These are good deals for Australian media businesses, he added.
Google and Facebook, which receive a combined 81% of online advertising in Australia, have condemned the code as unenforceable.
Google says it can make its search engine unavailable in Australia if the code is entered. Facebook said it could block Australians from sharing news if the platform had to pay for the news.
Frydenberg said after weekend talks with Facebook CEO Mark Zuckerberg and Sundar Pichai, CEO of Alphabet Inc. and its affiliate Google, that he was convinced the platforms wanted to enter into these trading arrangements.
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