The Australian Competition and Consumer Commission is today celebrating the 40-year anniversary of the Trade Practices Act 1974 (TPA).
On 1 October 1974, the TPA took effect and the forerunner to the ACCC, the Trade Practices Commission (TPC) opened its doors for the first time.
To mark the occasion, the ACCC has released a commemorative magazine and a video showcasing the history of the Act and its administration.
ACCC Chairman Rod Sims said the milestone comes at a time when Australia is looking to reinvigorate its pro-competition culture.
“While the current government competition review is the main game, the anniversary provides a great opportunity to reflect on the important role the Act plays in our economy.”
The ACCC was formed through the merger of the TPC and the Price Surveillance Authority in 1995. The TPA was renamed the Competition and Consumer Act 2010 and has seen many reviews, but the original principles of promoting efficiency and competition and protecting consumers from unfair practices remain.
Mr Sims said the Act has met a changing marketplace, new business practices and growing consumer expectations. It is a fascinating story worth celebrating.
More information
Celebrating 40 years of making markets work - magazine
Celebrating 40 years - video
ACCC milestones
Former Chairs & Commissioners