Section 51(xx) of the Australian Constitution - the Corporation Power

The Australian Constitution describes the structure of the Australian government and defines the power sharing arrangements between the Commonwealth and the States. Section 51(xx) of Constitution, which is also known as the Corporations Power, grants the Federal Parliament the right to legislate in respect to foreign corporations and trading or financial corporations formed within the limits of the Commonwealth. This essay takes a look at this section of the Australian Constitution which has been used to bring into force The Trade Practices Act 1974, Corporations Act 2001, Foreign Acquisitions and Takeover Act 1975 as well as the Competition Policy Reform Act 1995 etc.