Google v ACCC is often misunderstood. It was not a free pass for misleading search ads. The High Court focused on whether Google itself made the representations in the sponsored links, and held that in the circumstances it did not. The advertisers were still the ones using the words to sell or redirect customers.
For small businesses, the practical lesson is simple: do not use competitor names, official-looking wording or confusing ad copy unless the claim is accurate and legally checked. The platform's involvement will not make your campaign safe.