ACCC

The Australian Consumer and Competition Commission (ACCC)

The Australian Consumer and Competition Commission (ACCC)

Introduction

The business markets of today's world are completely focused on creating persistent value for the consumers to engage in more and more profits and value creation for their organizations. Similarly, many independent agencies are set by government for the protection of consumers, businesses, and communities. One of the key protectors of consumers in the Australian business market is ACCC 'Australian Consumer and Competition Commission'. The ACCC looks after fair trade, promoting competition in the Australian markets in order to provide benefit to the consumers, business, and communities.

Overview of the Australian Consumer and Competition Commission (ACCC)

The Australian Commission on Competition and Consumer Protection (ACCC) is established by the Government of Australia as an active independent body. The agency mandates in order to protect the rights of the consumers in the Australian consumer, business, and community markets. The establishment further mandates to protect rights and obligations in the regulations of the industry, through monitoring prices and preventing illegal anticompetitive behavior in Australian industry (Australian Competition and Consumer Commission 2002).

The commission commands the system for rights of consumers in Australia in terms of taking legal actions against organizations who are violators of Acts installed by the ACCC as its fundamental conscientiousness is to make sure that individuals and businesses act in accordance with the commonwealth competition, fair-trading and consumer protection laws.

Trade Practice Act

The Trade Practice Act 1974 (TPA) is an enforcement established by the ACCC; the Act is formed to augment the interests of Australians by encouraging competition and fair-trading and providing for consumer fortification. Trade Practice Act looks after almost all characterizations of the marketplace. These characterizations of the marketplace include relationship among suppliers, retailers, wholesalers, competitors and customers. The Act mainly covers any kind of anti-competitive conduct, unjustified market practices, codes of industry, active mergers and acquisitions of companies, labeling of products, product safety, monitoring prices and the regulation of the overall industries in Australia. Moreover, the Act promotes rights of consumers through pressures of competition providing better and improved variants and quality products to the consumers, also the Act helps in creating awareness for the safety and health of the consumers through obligations of product description as part of consumer rights.

Trade Practice Act apprehends companies to restrain their activities according to the provisions of trade practice. The companies who fail to meet the TPA are assessed with consequences from the ACCC and are penalized in the Federal Court. The Act forces penalty in ways that the maximum possible penalty exceeds $10 million or illegal gains might cost three times to the value of such gains, however, it may cost 10% of turnover if the damage is not accumulated. In terms of individuals, they are to be fined $ 500,000 (Australian Competition and Consumer Commission 2002). The consumer and competition provision of the Trade Practice Act include obligations on issues of Anti-competitive practices and code of conducts relating to consumer related ...