(Image: Unsplash/Randy Fath)

Most of the discussion of the Australian Competition and Consumer Commission's (ACCC) Digital Platforms inquiry report focuses on what it suggests by way of future regulation for Google and Facebook.

What it also makes clear, though, is how the competition regulatory model failed to respond in the past to the challenge of tech giants. Not so much the Australian regulatory model -- we're trivial players in global markets -- as competition regulation in the US and Europe. The Europeans, at least, have been noticeably more aggressive in regulating the tech giants, but as the ACCC report underscores, it was in the US that the basic failure of regulation occurred.