This article is the first comprehensive study, in Chinese, of the latest reforms of Australia’s cross-media ownership laws. It analyses the background and reasons behind such reforms in order to shed light on the broader issue of media regulation confronting Western countries in the wake of rapid technological upgrades and the proliferation of new delivery platforms. In September 2017, in the face of challenges arising from the new media landscape following the onset of digital technology, Australia passed new legislation to remove previous restrictions on cross-media ownership and announced a package of measures, including government subsidies, to assist small media operators and to encourage local content production, among other things. These reforms are aimed at instituting a new regulatory framework for the media industry in the digital era by changing the traditional practice of imposing quantitative constraints on media ownership. After detailing the reforms and analysing the relevant background and reasons, the article goes on to set the Australian case in a broader context, pointing out that the Australian experience epitomises similar efforts in the West as a whole. It argues that although China’s media environment is different from that of the West, it is not immune from the changes sweeping across the globe and should take heed of the new policy measures being implemented in Australia and elsewhere. The article also discusses the implications of the new media reforms and prospects for the major media players, especially public broadcasters. It concludes that the Australian case yields useful insights for China’s current efforts to formulate new regulatory measures for its own media industry, measures necessitated by accelerated media convergence stemming from the digital revolution.