CHAPTER 1 Introduction to accounting and business decision making 13Australian Competition and Consumer Commission (ACCC)
The Australian Competition and Consumer Commission (ACCC) administers the Competition and
Consumer Act 2010 (Cwlth). This Act covers anti-competitive behaviour and unfair market practices,
mergers and acquisitions of companies, and product safety and liability. The commission’s primary role
is the protection of the consumer. With the reform of the tax system in 2001, it had a particular role
to play in ensuring that there was no price exploitation in relation to the GST. The ACCC website is
Reserve Bank of Australia (RBA)
The Reserve Bank of Australia (RBA) is responsible for the stability of the Australian financial system
and for setting monetary policy. The RBA website is http://www.rba.gov.au.
Australian Prudential Regulation Authority (APRA)
The Australian Prudential Regulation Authority (APRA) oversees financial institutions (banks, building
societies, credit unions) and is responsible for ensuring that financial institutions can honour their com-
mitments. It also has a role in promoting the safety of life and general insurance companies and larger
superannuation funds. APRA’s website is http://www.apra.gov.au.
Australian Taxation Office (ATO)
At some stage in their lives, all Australians in one way or another will come into contact with the ATO.
The ATO collects taxes (e.g. income tax and GST), and has a number of other responsibilities, such as
overseeing all self-managed superannuation funds. The ATO website is http://www.ato.gov.au.
Other government agencies
There are other government agencies and initiatives that are targeted to particular areas of commer-
cial operations. Although these agencies are not specifically aimed at commercial transactions, they
do affect the operations of entities. For example, there are agencies dealing with the protection of
information rights (www.privacy.gov.au), human rights (www.hreoc.gov.au) and consumer advo-
cacy (www.consumersonline.gov.au). There is also a central site (www.business.gov.au) for business
access to all government information and services that can help with gaining information about busi-
ness registration, trademarks, patents, licences, workers’ compensation and various other business
responsibilities.
VALUE TO BUSINESS• ASIC acts as the company watchdog and enforces company and financial services laws such as the
Corporations Act 2001.
• The ASX regulates companies through its Market and Listing Rules.
• The ASX Market Rules govern the operations and behaviour of participating organisations of the
ASX and affiliates.
• The ASX Listing Rules govern the procedures and behaviour of all ASX-listed companies.
• APRA is responsible for ensuring that financial institutions honour their commitments to their
stakeholders.
• The ACCC administers the Competition and Consumer Act 2010, which covers anti-competitive
behaviour and unfair market practices, mergers and acquisitions of companies, and product safety
and liability.