'Re-friended' for now: Facebook lifts news ban as media code amendments before parliament

Facebook has "re-friended" Australia, promising to lift its ban on the sharing of Australian news content, following a six-day standoff with the federal government.

"I think that was a wake-up call for the whole world really," Treasurer Josh Frydenberg said after he spent days speaking to Facebook CEO Mark Zuckerberg.

The Treasurer conceded some technical amendments would be made to the nation's media bargaining code in order to get the social media giant back to the negotiating table.

The Labor Party labelled the amendments "radical" and would be scrutinising the changes carefully before offering its support.

Facebook today struck its first pay agreement with Seven West Media and has begun restoring news pages, but there are concerns the social network could again reimpose its bans if it was unhappy with the code.