Media law specialist and a partner with HWL Ebsworth Lawyers, Nicholas Pullen, called the judgement "breathtaking".
The award follows a jury verdict in Ms. Wilson's favor in June. He ruled that Bauer Media didn't "properly investigate" before publication, "repeated the offending allegations", and "orchestrated" a campaign against Wilson to drive sales.
Newshour spoke to Wilson's lawyer Richard Leder. Interest and legal costs will be added to the payout. General counsel for Bauer Media Adrian Gross said in a statement on Wednesday morning that the company was considering the judgment. "This is the thing that we are centered around", he said.
Wilson says a "jealous" and "obsessive" former schoolmate from Wilson's prestigious girls' high school sold her out in order to make "a quick buck". "I also feel like it's important to stand up to bullies".
On Twitter, Wilson thanked her fans for their support.
They also found Bauer had said Wilson lied about having a hallucination about winning an Academy Award while sick with malaria, about her parents being dog trainers, about being related to USA entertainment entrepreneur Walt Disney and about being raised in a "ghetto" area of Sydney.
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It was largely based on roles and earnings lost by the actress, who testified in frequently emotional court appearances that she had been sacked from the Dream Works productions Trolls and Kung Fu Panda 3 as a result of the articles.
She said: "Today was the end of a long and hard court battle against Bauer Media who viciously tried to take me down with a series of false articles".
"The jury answered every question put to them in Rebel's favour". Today Justice Dixon accepted that Bauer Media subjected me to a sustained and malicious attack timed to coincide with the launch of Pitch 2.
The judge acknowledged without capability that I had a greatly high notoriety and that the harm incurred on me was considerable.
The judge said he realized that the data from mysterious paid source was false.
During her questionable tenure with Bauer Media she would have been covered by Bauer Media's deformation insurance coverage.