Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand.
Anti-competitive practices are business or government practices that prevent or reduce competition in a market. Antitrust laws ensure businesses do not engage in competitive practices that harm other, usually smaller, businesses or consumers. These laws are formed to promote healthy competition within a free market by limiting the abuse of monopoly power. Competition allows companies to compete in order for products and services to improve; promote innovation; and provide more choices for consumers. In order to obtain greater profits, some large enterprises take advantage of market power to hinder survival of new entrants. Anti-competitive behavior can undermine the efficiency and fairness of the market, leaving consumers with little choice to obtain a reasonable quality of service.
The Australian Competition and Consumer Commission (ACCC) is the chief competition regulator of the Government of Australia, located within the Department of the Treasury. It was established in 1995 with the amalgamation of the Australian Trade Practices Commission and the Prices Surveillance Authority to administer the Trade Practices Act 1974, which was renamed the Competition and Consumer Act 2010 on 1 January 2011. The ACCC's mandate is to protect consumer rights and business rights and obligations, to perform industry regulation and price monitoring, and to prevent illegal anti-competitive behaviour.
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the Australian Prudential Regulation Authority Act, 1998 (Cth).
The treasurerof Australia, also known as the Federaltreasurer or simply the treasurer, is the minister of state of the Commonwealth of Australia charged with overseeing government revenue collection, federal expenditure and economic policy as the head of the Department of the Treasury. The current treasurer is Jim Chalmers, who was selected by Prime Minister Anthony Albanese in May 2022 following the 2022 Australian federal election.
The Government of South Australia, also referred to as the South Australian Government or the SA Government, is the executive branch of the state of South Australia. It is modelled on the Westminster system, meaning that the highest ranking members of the executive are drawn from an elected state parliament. Specifically the party or coalition which holds a majority of the House of Assembly.
The National Electricity Market (NEM) is an arrangement in Australia's electricity sector for the connection of the electricity transmission grids of the eastern and southern Australia states and territories to create a cross-state wholesale electricity market. The Australian Energy Market Commission develops and maintains the Australian National Electricity Rules (NER), which have the force of law in the states and territories participating in NEM. The Rules are enforced by the Australian Energy Regulator. The day-to-day management of NEM is performed by the Australian Energy Market Operator.
The Competition and Consumer Act 2010 (CCA) is an Act of the Parliament of Australia. Prior to 1 January 2011, it was known as the Trade Practices Act 1974 (TPA). The Act is the legislative vehicle for competition law in Australia, and seeks to promote competition, fair trading as well as providing protection for consumers. It is administered by the Australian Competition & Consumer Commission (ACCC) and also gives some rights for private action. Schedule 2 of the CCA sets out the Australian Consumer Law (ACL). The Federal Court of Australia has the jurisdiction to determine private and public complaints made in regard to contraventions of the Act.
The politics of Australia operates under the written Australian Constitution, which sets out Australia as a constitutional monarchy, governed via a parliamentary democracy in the Westminster tradition. Australia is also a federation, where power is divided between the federal government and the states and territories. The monarch, currently King Charles III, is the head of state and is represented locally by the Governor-General of Australia, while the head of government is the Prime Minister of Australia, currently Anthony Albanese.
Australian insurance law is based on commercial contract law, but is subject to regulations that affect the insurance industry and insurance contracts within Australia. Commonwealth Parliament has power to make laws with respect to insurance and insurance companies under section 51(xiv) and (xx) of the Australian Constitution. Generally, the Insurance Act 1973 and Insurance Contracts Act 1984 are the main acts that apply, however there are a number of other pieces of legislation enacted by the states, private codes and voluminous case law all of which forms the body of insurance law.
Telstra Corporation Limited v The Commonwealth was an important case decided in the High Court of Australia on 6 March 2008.
Australian Competition and Consumer Commission v Baxter Healthcare Pty Ltd, (Baxter) was a decision of the High Court of Australia, which ruled on 29 August 2007 that Baxter Healthcare Proprietary Limited, a tenderer for various government contracts, was bound by the Trade Practices Act 1974 in its trade and commerce in tendering for government contracts. More generally, the case concerned the principles of derivative governmental immunity: whether the immunity of a government from a statute extends to third parties that conduct business with the government.
The Australian Consumer Law (ACL), being Schedule 2 to the Competition and Consumer Act 2010, is uniform legislation for consumer protection, applying as a law of the Commonwealth of Australia and is incorporated into the law of each of Australia's states and territories. The law commenced on 1 January 2011, replacing 20 different consumer laws across the Commonwealth and the states and territories, although certain other Acts continue to be in force.
Financial regulation in Australia is extensive and detailed.
Rodney Graham "Rod" Sims is an Australian economist and former public servant. Sims served as chair of the Australian Competition & Consumer Commission (ACCC), Australia's competition regulator, from 1 August 2011 to 20 March 2022.
In Australia, it is a mandatory requirement for registered healthcare practitioners to hold appropriate medical indemnity insurance coverage for healthcare practices in Australia. Medical indemnity is a form of professional indemnity coverage defined by Australian legislation – the Medical Indemnity Act 2003 and is a type of general insurance. In the United Kingdom, this type of professional indemnity for healthcare practitioners is generally referred to as ‘professional indemnity’ and in the United States, medical negligence insurance. In Australia, the term medical indemnity can be used to refer to all healthcare indemnity, not just that provided for medical doctors. However, there are only six Australian Health Practitioner Regulation Authority (AHPRA) listed insurers that provide medical indemnity insurance cover to medical practitioners. Australian medical practitioner medical indemnity providers include:
Brisbane City Council (BCC) is the democratic executive local government authority for the City of Brisbane, the capital city of the state of Queensland, Australia. The largest City Council in Australia by population and area, BCC's jurisdiction includes 26 wards and 27 elected councillors covering 1,338 km2 (517 sq mi). BCC is overseen by the Lord Mayor of Brisbane, Adrian Schrinner, and the Council of Brisbane and the Civic Cabinet. The council's CEO is Colin Jensen, supported by EO Ainsley Gold.
The Consumer Data Right is the name of a legislative, regulatory, and standards framework for consumer data portability in Australia. This framework has been created and introduced by the Australian Government, which is implementing the framework on a sector-by-sector basis.
The Australian Competition Tribunal is an independent statutory review body, legislated by part III of the Competition and Consumer Act 2010. The Tribunal was originally established under the Trade Practices Act 1965 (Cth). Its members consist of judges drawn from the Federal Court of Australia. The Tribunal reviews merger authorisation determinations made by the Australian Competition and Consumer Commission (ACCC).
Christina Cifuentes is an Australian expert in energy policy and markets, and was a board member of the Australian Energy Regulator, Australia's national energy market regulator, who was awarded an Order of Australia in the 2022 Queens Birthday Honours list, for her significant service to economic and energy sector regulation, and to consumer protection.
