1. It was established in 1995 with
the amalgamation of the
Australian Trade Practices
Commission (TPC) and the
Prices Surveillance Authorityy
to administer the Trade
Practice Act 1974 (TPA). Its mandate is to protect
consumer rights,
business rights and
obligations, perform
is an independent industry regulation and
authority of the price monitoring and
Australia prevent illegal anti-
government. competitive behaviour.
Australian
competition and
consumer
commission
(ACCC)

2. 1. ROLES
The ACCC administers the Trade Practices Act, and has standing to
take action in the Federal Court of Australia to enforce its provision. The
Trade Practices Act contains a broad range of provisions, such us:
1. provisions on [price fixing] cartels
2. misuse of market power
3. misleading misleading or deceptive
conduct The ACCC, under the
4. also reviews mergers Act,
also regulates certain
The ACCC also has an educative role
industries by providing
and seeks to educate both access to national
consumers and businesses as to infrastructure.
their rights and responsibilities under
the act.

3. 2. Restrictive trade practices
In most cases the spirit of the act, and
thus the actions of the ACCC, favours
neither consumer nor supplier, but strives
to achieve a competitive market without
artificial restrictions. For example, refusal
of supply – a producer refusing to supply a
potential retailer or customer with a
product – is not itself illegal unless the
action would have an anti-competitive
effect on the market as a whole.

4. 3. Penalties
The ACCC is committed in bringing court actions against companies
that breach the Trade Practices Act. Penalties for non-compliance of
the TPA (Trade Practices Act ) can be quite severe.
Companies that do not comply with the restrictive trade practices
provisions of the Trade Practices Act may be fined by the Federal
Court. There are three ways the maximum fine can be calculated :
The maximum possible fine is the larger of A$10,000,000
Or three times the value of the illegal benefit
Or (if the value of the benefit cannot be ascertained) 10% of
turnover for the preceding 12 months.
Individuals may be fined up to $500,000
Companies that do not comply with the consumer protection provisions
of the Trade Practices Act may be fined by the Federal Court, up to
$1.1 M for companies and $220,000 for individuals.

5. 3. Product safety and recalls

6. The ACCC maintains a website listing all Australian product
recalls and the following organisations are commissioned to
assist with thesurveillance and monitoring of product safety in
relevant areas.
Food products – Food Standards Australia New Zealand
Motor vehicles Department of Infrastructure, Transport, Regional
Development and Local Government (Australia)
Therapeutic goods – Therapeutic Goods Administration
Agricultural and veterinary products – Australian Pesticides and Veterinary
Medicines Authority
Electrical goods – Australian Electrical Equipment Safety Regulators
Gas and appliance – Gas Technical Regulators Committee Australia New
Zealand
The ACCC, in conjunction with state and territory offices of fair trading,
is responsible for developing and enforcing mandatory consumer
product safety standards except where the product falls into the
jurisdiction of one of the specialist regulators mentioned above.

7. 4. Chairpersons
1. Allan Fels 1 July 1995 – 30 June 2003
2. Graeme Samuel 1 July 2003 – 31 July 2011
3. Rod Sims 1 August 2011

8. Australian Taxation Office
is an Australian Government statutory agency and the principal
revenue collection body for the Australian Government.
The ATO has responsibility for :
1. administering the Australian federal taxation system and
superannuation legislation.
2. ATO collects income tax, Goods & Services Tax (GST) and other
federal taxes for the government.
3. ATO also has responsibility for managing the Australian Business
Register, delivering the Higher Education Loan Programme, delivering
many Australian Government payments and administering key
components of Australia's superannuation system.

9. 1. Organisational structure
The Commissioner of Taxation is responsible for the general administration of
the tax system and the ATO. The Commissioner of Taxation and three Second
Commissioners of Taxation are each appointed for a term of seven years. The
Commissioner and Second Commissioners are eligible for re-appointment
after each term. The current Commissioner is Michael D'Ascenzo (appointed
in January 2006), the previous Commissioner was Michael Carmody
The ATO's operations are managed through sub-plans which are used to
allocate resources. The sub-plans are:
1. Compliance
2. Corporate Services & Law
3. Enterprise Solutions and Technology
4. Operations
Sub-plans are further divided into Business and Service Lines (BSLs) which
are responsible for the delivery of sub-plan priorities. Individual BSLs may
focus on a particular market segment and revenue product.

10. 2. Performance
Some of the highlights outlined in
the 2008-09 Annual Report
include:
1. Net cash collections were
The Commissioner of $264.5 billion. (1.2% above the
Taxation is required to 2009 Budget forecast for 2008–
prepare and release 09);
2. About $41.2 billion collected in
an Annual Report each GST for state and territory
financial year. The governments;
Annual Report outlines 3. Some 86% of individuals and
the ATO's performance 90% of businesses agree that
the ATO is doing a good job,
and achievements for and 86% of tax agents feel that
each financial year. ATO systems and processes
are being improved to make it
easy for them to deal with
Australia’s tax system.

11. 4. Australian Transaction Reports and
Analysis Centre
1. Australian Transaction Reports and Analysis
Centre (AUSTRAC) is an Australian government
agency, established in 1989 under the Financial
Transaction Reports Act 1988 and continued in
existence under the Anti-Money Laundering and
Counter-Terrorism Financing Act 2006 (AML/CTF Act).

12. 2. Operation
"Reporting entities" (a wide range of businesses and
institutions - specified in the AML/CTF Act - which deal in
cash, bullion and financial transactions) must report
transactions to AUSTRAC; such entities include :
1. Banks and similar financial institutions such as building
societies.
2. Corporations.
3. Insurance companies and intermediaries.
4. Securities dealers, such as stock brokers.
5. And still many other

13. 3. Identification
Reporting entities must identify their customers. Accounts
may only be operated by an identified customer, an
unidentified customer is blocked. Generally identification can
be transferred from one account to another, so that for
instance a person once identified does not need to produce
documents again when opening a second account at the
same institution.
For banks and similar, identification requirements are
determined by a risk-based approach, which may differ for
each reporting entity.
It's an offence to open or operate an account with a reporting
entity under a false name, punishable by a fine or up to 2
years imprisonment.

14. Australian Securities
Exchange
The Australian Securities On 1 August 2010, ASX
Exchange (ASX) was launched a new brand and
created by the merger of the group structure. ASX Group
Australian Stock Exchange became the overarching
and the Sydney Futures name, replacing Australian
Exchange in July 2006. It is Securities Exchange, which
the primary stock exchange remains as the name of the
group in Australia. listings and trading arm of
the ASX Group.

15. ASX functions as a market operator,
clearing house and payments system
facilitator. It oversees compliance with
its operating rules, promotes standards
of corporate governance among
Australia’s listed companies.
It has a role in the education of
retail investors, providing
educational materials relating to
its products including free online
courses.
ASX offers products and services including
shares; futures, exchange traded options,
warrants, contracts for difference, exchange
traded funds, real estate investment trusts,
listed investment companies and interest
rate securities.

16. 1. Market details
ASX Group can be described as a
multi-asset class and vertically
integrated exchange group.
Its activities include primary and secondary market services,
including the raising, allocation and hedging of capital flows,
trading and price discovery (Australian Securities Exchange);
central counterparty risk transfer (via subsidiaries of ASX
Clearing Corporation); and securities settlement for both the
equities and fixed income markets (via subsidiaries of ASX
Settlement Corporation).
ASX operates two trading : clearing and
settlement platforms

17. 2. Settlement