Search results
Results from the WOW.Com Content Network
The ACCC administers the Competition and Consumer Act, and has standing to take action in the Federal Court of Australia to enforce its provision. [8] The Competition and Consumer Act contains a broad range of provisions, such as provisions on anti-competitive conduct, the Australian Consumer Law and regulation of telecommunications and energy industries. [9]
The Competition and Consumer Act 2010 (CCA) [1] is an Act of the Parliament of Australia.Prior to 1 January 2011, it was known as the Trade Practices Act 1974 (TPA). [2] The Act is the legislative vehicle for competition law in Australia, and seeks to promote competition, fair trading as well as providing protection for consumers.
Anti-competitive behavior is used by business and governments to lessen competition within the markets so that monopolies and dominant firms can generate supernormal profits and deter competitors from the market. Therefore, it is heavily regulated and punishable by law in cases where it substantially affects the market.
Competition law is the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. [ 1 ] [ 2 ] Competition law is implemented through public and private enforcement. [ 3 ]
The Australian Competition Tribunal is an independent statutory review body, legislated by part III of the Competition and Consumer Act 2010. [1] The Tribunal was originally established under the Trade Practices Act 1965 (Cth). Its members consist of judges drawn from the Federal Court of Australia. [2]
In 1992, an independent committee of inquiry, the National Competition Policy Review Committee, was established by Prime Minister Paul Keating to inquire into and advise on appropriate changes to legislation and other measures in relation to the scope of the Trade Practices Act 1974 and the application of the principles of competition policy.
The National Competition Council (NCC) is an Australian research and advisory body, legislated by Part IIA of the Competition and Consumer Act 2010. The NCC was originally established in 1995 by the Council of Australian Governments. Funded by the Commonwealth, the NCC is a national body responsible to all Australian governments. [1]
Price fixing is illegal in Australia under the Competition and Consumer Act 2010, with considerably similar prohibitions to the US and Canadian prohibitions. The Act is administered and enforced by the Australian Competition & Consumer Commission. Section 48 of the Competition and Consumer Act 2010 (Cth) explicitly states, "A corporation shall ...