THE ACCC’S ROLE IN THE AUSTRALIAN ECONOMY AND THE BROADER INTERNATIONAL COMMUNITY

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The Australian economy is driven and controlled by the significant influence of the motive brought about by the need of profit maximization. According to Nagarajan (2013), the society benefits from the profit motive driving the economy, but efficiency can only be attained if all the stakeholders abide by the rules and guidelines set primarily by Australian Competition and Consumer Commission (ACCC).  Thus, it is very critical that the ACCC establishes a communication channel that is efficient with the people so as to create a working relationship in a market economy. It is important to note that ACCC acts as a competition regulator as well as the national consumer regulator (Davidson 2008). Therefore, the ACCC play fundamental roles in the Australian economy and the broader international market. 

First of all, the ACCC regulates competition in the market. In consequence, this entails prevention of agreements or mergers that could subsequently lessen the level of competition, prevention of cartels and prevention of misuse of market power with the sole aim of damaging competition. Thus, according to Ergas (2008), the ACCC runs its mandate with the support of laws that are purposefully instituted to protect and enhance the competitive process by acting as a deterrence while explaining where boundaries are. The ACCC depends heavily on the courts since it is not mandated to ban particular behavior harming the Australian economy and that of the international community. For example, the ACCC has the power to carry out extensive investigations into potential breaches of the Competition and Consumer Act, where the findings inform the decision whether or not to institute proceedings in the Federal Courts (Nagarajan 2013).

Also, the ACCC impacts the Australian economy and that of the international community by acting as the national consumer regulator, which primarily means protecting consumers from exploitation. The commission is tasked to protect the consumers of products or small scale business that depend on doing business with larger enterprises. Thus, according to Davidson (2008), the...