The government has signalled it will not buckle to pressure from powerful business interests and is committed to regulating tech giants Google and Facebook.
Media businesses have embraced the consumer watchdog's findings,saying the government's words must be backed by action.
Facebook and Google face greater scrutiny of their market dominance,use of consumer data and impact on traditional media.
A source close to Treasurer Josh Frydenberg said the minister viewed the tech giants as an"existential"threat to media companies.
The provocative suggestion represents a dramatic escalation in News Corp's global campaign against the tech giants,which the ACCC has said are hurting local publishers.