Faced with the power of global digital companies, the Federal Government appears to have lost its cojones. Prime Minister Scott Morrison, Treasurer Josh Frydenberg and a host of other Coalition MPs and Senators have waxed voluble about the need to crack down on the likes of Facebook, Google and Twitter, but when it comes to action, they are all like wilting willows.

The Federal Government's response to the digital platforms inquiry report submitted to it by the competition watchdog in June is likely to known only next year, despite promises at the time the report was released that a response would be forthcoming before the end of 2019.

Digital global domestic money transaction values are exploding around the world, with a new market report forecasting the value of transactions will exceed US$3.5 trillion by 2024 - up from US$1.8 trillion in 2019.