This paper looks at the evidence on level of competition in the Australian market place, and reviews some of the policies and instruments available to promote competition. CONTENTS : Competition and the public interest. Factors bearing on competition in Australia. Conclusions. Appendices : Competition and economic performance. Competition and industry efficiency objectives. Competition and social objectives. Relationship between concentration and profitablity : recent US evidence . Concentration and market power in Australian industries. Background data on entry requirements, competitiveness for some professional groups. Trade practice for further amplification. :Industries. Economic conditions.