ACCC Chairman Rod Sims has said that the FTC’s failed anti-monopoly case against Facebook won’t stop them from going after the giants, comparing their power to that of the Rockefeller family.
“In the next six to 18 months, a lot will change in terms of how those abuses are dealt with,” Sims told the Australian.
“There is an extraordinary amount of market power: self preferencing, markets that aren’t transparent, very high charges and rent extraction.
“Then there is the whole issue of reducing innovation, which is more of a productivity issue.”
Rather than battle the giants in a series of costly legal fights, the ACCC will hold a a digital advertising services inquiry, and a digital platform services inquiry, with the aims of limiting their powers in Australia.
The first of these will be submitted to government by August 30, with the platform services inquiry submitted by September 30.
“All options are open,” Sims explained. “We can take enforcement action or make recommendations to government about what legislation might be needed. We’re working very closely with international colleagues. It’s a very important bit of work.”
