An
independent statutory authority, the Commission
administers the Trade Practices Act 1974
and the Prices Surveillance Act 1983 and
has additional responsibilities under other
legislation. Under the national competition
policy reform program the Trade Practices
Act has been amended so that, with State/Territory
application legislation, its prohibitions
of anti-competitive conduct apply to virtually
all businesses in Australia.
In broad terms, the Act covers anti-competitive
and unfair market practices, mergers or
acquisitions of companies, product safety/liability,
and third party access to facilities of
national significance. The Commission
is the only national agency dealing generally
with competition matters and the only
agency with responsibility for enforcement
of the Trade Practices Act and the associated
State/Territory application legislation.
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