The Office of Unfair Trading and Profit Control was established under the Unfair Trading and Profit Control Act 1956. The objects of the Act were to prevent unfair profit taking and unfair methods of trading. The Office investigated allegations of unfair trading or profit taking.

An Advisory Council was set up consisting of representatives of primary producers, Chambers of Manufacturers/Commerce/Retail Grocers Association, and of the general public. The role of the Council was to advise the Commissioner on relevant matters.

Under an Amendment Act in 1958 the name of the Office was changed to that of Monopolies and Restrictive Trade Practices Control. In 1959 the Trade Associations Registration Act repealed the Monopolies and Restrictive Trade Practices Control Act. It did not provide for the continuation of the functions of the Commissioner or Director of the Office, or of the Advisory Council which also ceased to meet.