On 19 February 1990, the Governor-General in Council fixed the 9 March 1990 as the day the Industry Commission was to begin operation and associated appointments were made.
 
The Industry Commission is the Commonwealth Government's major review and inquiry body in industry matters. Its functions are:

 -to hold public inquiries and report on the matters referred by the
  Government;
 -to undertake activities incidental to its inquiry function, such as
  advising on business regulation and publishing information papers
  to enhance community understanding of industry policy issues; and
 -to report annually on the economic performance of industry and the
  effects of assistance and regulation on industry and the economy.  

The Industry Commission has absorbed functions previously performed by the Industries Assistance Commission on industry assistance and related issues; the Inter-State Commission on interstate transport matters and the Business Regulation Review Unit on regulation reviews.  

The wide-ranging duties of the Commission are reflected in its inquiry program. This program, which is to be reviewed by Cabinet every year, requires the Commission to identify institutional, regulatory, financial and other arrangements affecting the performance of Australian industry.
 
The Chairperson and the four Commissioners currently serving in the Commission, are: Mr A.S Cole; Mr D.L McBride; Dr R.G Mauldron; Dr M.L Parker and Mr K.J Horton-Stephens.
 
The new full-time Associate Commissioner is Mr G Banks. The five part-time Associate Commissioners are Professor R Blandy (mining and minerals processing); Mr D.R Chapman (recycling); Mr E Sieper (construction costs of major projects); Mr B Smith (mining and minerals processing); and Dr R.J Whitelaw (product liability).

On 16 April 1998, the Industry Commission merged with the Bureau of Industry Economics (CA 4483) and the Economic Planning Advisory Commission (CA 4498) to form the Productivity Commission.
Historical agency address
1990-1998: Benjamin Offices, Belconnen ACT
1994-1998: Level 26 Collins Tower, 35 Collins St, Melbourne
Legislation administered
Industry Commission Act 1989