Media organisations such as News Corp, Nine Entertainment and the ABC are "very close" to a potential windfall from tech giants under major media reform, according to Treasurer Josh Frydenberg.

But the move to force media companies and Facebook and Google to the negotiating table remains contentious, and Microsoft is seeking to exploit the opportunity.

Mr Frydenberg revealed he spoke with Facebook founder Mark Zuckerberg on Sunday.

"I spoke to him just yesterday, and I have been speaking as recently as this morning as well as over the weekend with Sundar [Pichai], the head of Google," he told AM.

"They are very focused on what's happening here in Australia, but I sense they are also trying to reach deals, and that is welcome."

On Friday, a Government-controlled Senate committee recommended the news media and digital platforms mandatory bargaining code be passed. The report included support from Labor and the Greens.

The code is designed to ensure media companies are fairly remunerated for the use of their content on search engines and social media platforms.

Google has been vocal in its opposition to the code, and has threatened to withdraw its search function from Australia.

Microsoft has seized on the potential opportunity, saying it would invest in its own search product to help fill the void.

But Google snapped back on Friday with a blog post from senior executive Kent Walker who sought to challenge some of Microsoft's claims.

"Microsoft's take on Australia's proposed law is unsurprising — of course they'd be eager to impose an unworkable levy on a rival and increase their market share," he said.

Google news product expands

Google's News Showcase product launched in Australia two weeks ago and includes content from The Canberra Times, Crikey and The Conversation.

On Monday, Seven West Media, publisher of The West Australian, announced it had also signed up.

Seven West Media chairman Kerry Stokes said it was a "great outcome".

"I'd like to thank Prime Minister Scott Morrison and the chair of the Australian Competition and Consumer Commission, Rod Sims, with particular recognition of Treasurer Josh Frydenberg, who has been instrumental in the outcome of this groundbreaking agreement," he said.

He also congratulated Google "for taking a leadership position in Australia". 

Local progress

Mr Frydenberg said there were "many eyes across the world" focused on the outcome of the Australian reforms, but he was optimistic.

After being left out of an initial draft, the ABC has now been included in the proposed code.

"This legislation is important, and it is our intention to pass it through Parliament," Mr Frydenberg said.

The Government has flagged the code would be progressed in Parliament this week and, with support from Labor, its passage is expected to be straightforward.