“The ACCC understands that these figures are not recorded in the ordinary course of business by Facebook Australia and are not audited, verified or otherwise reported on,” the regulator’s report reads. “As such, the ACCC considers that these are approximate estimates of relevant advertising revenue attributable to Australia for Facebook and Instagram.” The figures suggest Meta accounts for about 37 per cent of the $13.9 billion in digital advertising estimated for 2022 by the sector’s peak body, the Interactive Advertising Bureau. The regulator was blunt in its assessment of social media’s competitive landscape: Meta is dominant, and its competitors are...