I’m not sure I’d call this a reversal. Facebook isn’t going to pay in the way the Australian government first wanted them to. They had to amend the law so that Facebook could live with it.
Australian authorities plan to introduce further amendments to the proposed law so that the government may not apply the code to Facebook if it can demonstrate a “significant contribution” to local journalism, and a two-month mediation period before enforced arbitration comes into effect, allowing parties additional time to reach a private deal.
That doesn’t sound like a reversal to me.