Facebook rejects Australia media calls for regulation

Tech giant Facebook has opposed calls by Australian media companies for digital platforms to be regulated, amid an inquiry into their impact on competition in news and advertising markets.

The government tasked the Australian Competition and Consumer Commission earlier this year with assessing whether platforms such as Facebook and Google were using their market power in commercial dealings to the detriment of users, news media and advertisers.

Australian media groups, like their peers worldwide, are losing circulation and advertising revenues to digital competitors.

Australian media tycoon Kerry Stokes, the head of major commercial broadcaster Seven, on Monday urged Canberra to take "serious action" against the two online titans.

"The government must act decisively to curtail the frightening power and influence these companies have," Stokes told The Australian newspaper.

"The duopoly of Facebook and Google now control over 80 percent of the global digital ad market, taking away advertising dollars from local media without any of the controls and rules we must adhere to, creating an uneven playing field."