Facebook has downplayed its market dominance for audience and advertising dollars in its submission to the competition regulator’s inquiry into digital platforms.

The submission to the ACCC’s investigation into the impact of Facebook and other online players on advertising competition — something challenging traditional media companies’ revenue models — was submitted last week and published today.

The social media giant used its submission to argue that it, like other media companies, was working in a competitive environment in securing advertising dollars and was not dominating the market. In the 56-page submission, Facebook summarised all the good it says it does for the community — connecting people, informing them, and working with publishers — which it funds with advertising.

It also argued its value to journalists and news outlets. No mention, though, of its profits or market share. Its latest global results will be out on Thursday morning (AEST), but in January it posted a US$4.3 billion profit.

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Treasurer Scott Morrison announced the inquiry in December as part of the government’s deal with then-Senator Nick Xenophon to support its media reform bill.

Facebook’s Australia and New Zealand head of policy Mia Garlick said in a statement that the company was innovating to “ensure we’re meeting people’s expectations”.

“We operate in a fiercely competitive, multi-sided marketplace where we — like all ad-supported businesses — must attract, engage and balance the interests of our community, advertisers and publishers to meet their rapidly-evolving preferences,” she said.

Free TV, an industry body representing commercial free-to-air networks, also made its submission last week, but called for more regulatory oversight of Facebook and Google.

In a statement, CEO Bridget Fair said the inquiry was a “watershed moment for the media sector”. “Google and Facebook have become virtual monopolies, with huge influence and market power, but very little regulatory oversight,” Fair said. “We are competing with these platforms for advertising dollars and for viewers. The ACCC has a critical role to play in ensuring that this fight occurs on fair terms.”

The Facebook submission avoided any detail on the Cambridge Analytica scandal, but in a section about data, the company says its access to data does not provide “a sustainable competitive advantage”. It also emphasised how “seriously” they take the responsibility of collecting people’s data.

The ACCC’s preliminary report is due in December, with a final report required by June next year.