The Australian Competition and Consumer Commission (ACCC) is an independent statutory authority which is formed with the main aim of enforcing the Competition and Consumer Act 2010 for promoting competition, fair trade practices, rules and regulations and dealing with national infrastructure for the benefit of the whole country (Parker, 2004). It promotes competition with fair trade practices for the benefit of the customers, community and the businesses.
The prosperity and welfare of the Australian consumers increases because of the competitive markets. The main role of ACCC is to protect and strengthen the competition in markets of Australia and various industries for improving the efficiency and welfare of the Australia and its citizens (Francis, 2003). It takes corrective actions where needed for improving consumer welfare, protecting competition and for abolishing harmful acts to consumers and ensures better functioning and performance of the markets of Australia.
Four main roles are:
i)Promoting and maintain market competition and providing remedies for market failure.
ii)Protecting the interests and safety of consumers by enforcing fair trade practices in markets.
iii)To promote operations those are economically effective and efficient in terms of its use and investments in monopolistic infrastructure.
iv)Increased engagement and participation with groups which are affected by the activities of ACCC.
ACCC also promotes consumer education in regional and rural areas with other indigenous communities. The role played by ACCC complements the role of state and territory consumer affair agencies that work for consumer protection legislation in their jurisdiction and also the work related to policies of the Treasury’s Competition and Consumer Policy Division (Competition, 2003).