The Australian Wool Realisation Commission Act 1991 No. 107 of 1991 repealed the Wool Marketing Act of 1987 and made provision for the continuing existence of the Australian Wool Corporation [CA 2004], existing under that Act, under a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 and with new functions and for related purposes.  Three new independent agencies were created to replace the Australian Wool Corporation:  Australian Wool Realisation Commission [CA 7371], Australian Wool Research and Development Corporation [CA 7372] and Australian Wool Corporation [II]. AWC [II] was created by the Australian Wool Corporation Act 1991 No. 108 of 1991.

Functions of this agency included:
 
Facilitating and encouraging improvements in the efficiency of wool marketing, monitoring and helping to enforce standards of wool quality, and developing new opportunities for wool;
Providing funds to the International Wool Secretariat and accounting for these funds to woolgrowers by monitoring and analysing the performance of the International Wool Secretariat;
Promoting wool in Australia and overseas.
 

Historical agency address
Wool House, 369 Royal Parade, Parkville Vic
Legislation administered
CREATION: Commonwealth Acts No. 108 of 1991, Australian Wool Corporation Act 1991.
ABOLITION: Commonwealth Acts No 65 of 1993, Wool Legislation (Repeals and Consequential Provisions) Act 1993