The Act establishing the Australian Wool Corporation was assented to in October 1972, but operations did not begin until 1 January 1973. It assumed the joint functions and rights of the Australian Wool Board and the Australian Wool Commission, to promote the export production and use of wool, and to control its marketing.

The Act sets out in detail the terms of membership, powers, staffing and finance of the corporation. Briefly it consists of nine members: a Chairman, four members representing Australian Wool growers, one representing the Commonwealth and three others. Mr Yeo was the interim chairman until Mr A.C.B. Maiden CBE was appointed the first combined chairman of the Corporation and the International Wool Secretariat, in July 1973. On the executive side of the staff Dr. A.V. Farnworth MBE is the General Manager (General and Produce Operation) and Mr M.L. Vawser is the General Manager (Fibre Marketing).

On 01 July 1987 the Wool Marketing Act 1987, Wool Marketing Regulations and Wool Tax Amendment Acts No 1 - 5 of 1987 came into operation repealing the Wool Marketing Act of 1972 resulting in significant changes to the Corporation's statutory powers and responsibilities, designed to ensure the Corporation's accountability to both the wool industry and the government without disturbing its performance.  (Refer Annual Report pp 310 of 1988 p.71-72.)

The Australian Wool Realisation Commission Act 1991 No. 107 of 1991 repealed the Wool Marketing Act of 1987 and made provision for the continuing existence of the Australian Wool Corporation [CA 2004], existing under that Act, under a new name [Wool Realisation Commission CA 7371] and with new functions and for related purposes. 

The Australian Wool Corporation Act 1991 No. 108 of 1991 established a new Australian Wool Corporation [CA 7370] and the Primary Industries and Energy Research and Development Amendment Act 1991, No. 109 of 1991 made provision in relation to the research and development function resulting in the creation of a Wool Research and Development Corporation [CA 7372].

Historical agency address

1973-1976: Wool House, 578 Bourke Street, Melbourne, Vic1976-1991: 369 Royal Parade, Parkville, Vic

Legislation administered

Creation: Commonwealth Acts, No 111 of 1972, Wool Industry Act 1972; No 90 of 1987, Wool Marketing Act 1987Abolition: Commonwealth Acts, No 107 of 1991, Australian Wool Realisation Commission Act 1991