Australian technology leaders have backed moves to restrict the power of technology giants by levelling the regulatory playing field, but have warned against overkill that could damage the local sector.

At The Australian Financial Review Innovation Summit in Sydney on Monday, executives at Facebook and Google, as well as venture capitalists and academics, welcomed the privacy-related proposals of the Australian Competition and Consumer Commission's landmark Digital Platforms Inquiry last week, but rejected some of the ACCC's other key proposals as unfeasible.