Mark Zuckerberg and Josh Frydenberg (Images: AP, AAP)

Facebook has successfully called the bluff of the Morrison government, with a few days' shutdown of the pages of Australia's media companies -- and plenty of other collateral damage -- securing a major watering-down of the government's extortion racket "news media bargaining code".

Yesterday Treasurer Josh Frydenberg blinked and announced a new set of amendments to the legislation that "will provide further clarity to digital platforms and news media businesses about the way the code is intended to operate".

When the amendments appeared yesterday evening -- so hastily drafted the new supplementary explanatory memorandum had a typo in it -- they showed the government had significantly shifted the balance of power of the code in favour of Facebook.