The competition regulator will examine the impact of Facebook and Google vacuuming up advertising dollars on access to quality news, as the Silicon Valley giants benefit from content made by traditional media companies with falling revenue.

In a broad-ranging inquiry into the impact of digital platforms, such as Google and Facebook, who have up-ended advertising markets across the world, the Australian Competition and Consumer Commission is calling for submissions from a range of media players, new and old, by April 3.