In a press statement on 3 July 1973 the following news item was released: "The Prime Minister announced to-day that Cabinet had agreed to recommend to the Executive Council at the appropriate time that Mr G A Rattigan, CBE, be appointed as Chairman of the Industries Assistance Commission. The drafting of legislation to establish the Commission is proceeding as a matter of urgency and will be considered by Ministers as soon as possible. Mr Rattigan will assist in the drafting of the legislation". [Prime Minister's Press Statement No 108 of 3 July 1973.]  Commonwealth Act No 169 of 1973, establishing an Industries Assistance Commission, was assented to on 11 December 1973: it was proclaimed to operate from 1 January 1974.  This Act, which set up the Commission to replace the Tariff Board (CA 103), gave the new body the duty to investigate widely any or all Government assistance to industry.

The specific functions of the Commission according to part III, Section 21 of the Act were "to hold enquiries and make reports to the Minister, in accordance with this Act, in respect of matters affecting assistance to industries and other matters that may be referred to the Commission in accordance with this Act". Regarding policy, Part 6, Section 43(1) of the Act outlined for the Commission the general objectives of natural economic and social policy and urban and regional development. The Industries Assistance Commission Act 1973 provided for the continuance of references from the Tariff Board to the Industries Assistance Commission.

The Commission was a Statutory Authority and the staff it required to assist the Commission in the performance of its functions, were to be persons appointed or employed under the Public Service Act 1922-1973. The Commission was divided structurally into a Projects Division, an Industry Economics Division and an Assistance Evaluation and Development Division. Not less than five and not more that nine Commissioners were appointed by the Governor-General, one of whom was also appointed as the Chairman.

Seven Commissioners were appointed by an Executive Council Minute of 18 December 1973 (Executive Council No 73; PM & C No 66) - Godfrey Alfred Rattigan, Daniel John Pekin, Neville Verdun Watson, Richard Boyer, George Frederick Johnson, David Lawrence McBride, Colin William Conron.  Professor Alan Grahame Lloyd and Hylda Rolfe were appointed Commissioners on 22nd January 1974 (Executive Council No 2, PM & C No 1).

On 19 February 1990, the Governor-General in Council fixed 9 March 1990 as the day on which the Industry Commission would begin operation as well as make the associated appointments.

The subsequent Industry Commission absorbed the functions of the Industries Assistance Commission, the Inter-State Commission, and the Business Regulation Review Unit.
Historical agency address
Benjamin Offices, Chan Street, Belconnen ACT
Legislation administered
Australian Government Acts No. 169 of 1973, Industries Assistance Commission Act 1973. 503/06/1975R