The University of Sydney Business School's Professor of Business Regulation, Professor Andrew Terry, was speaking after his reappointment to the ACCC's small business and franchising committee.
The Parliamentary inquiry recommended substantial changes to the Franchising Code of Conduct and to the responsibilities and powers of the ACCC.
"The franchising sector is facing a number of significant issues and the good heath of the industry is dependent upon the adoption of the recommendations put by the parliamentary inquiry," said Professor Terry.
The sector is extremely important to the Australian economy and the 71 recommendations are designed to lift standards and conduct across the industry and to rebuild confidence in franchising in Australia.
Professor Terry is an internationally recognised expert on franchising and has done much to promote the development of the sector in the Asia Pacific Region.
He was advised of his reappointment to the ACCC's Small Business and Franchising Consultative Committee by the Commission's Deputy Chair, Mick Keogh.
The committee provides advice and information to the ACCC on issues related to small business and franchising and acts as a conduit for information flowing from the ACCC to the two sectors.
It also ensures that the ACCC remains abreast of emerging trends and market developments of concern to small business and franchise operators.
Professor Terry has welcomed his reappointment, saying that "franchising and small business from both a regulatory and commercial perspectives will experience considerable change over the next few years" largely as a result of the parliamentary inquiry.
Franchising is one of the success stories of the Australian business sector. It is currently employs nearly half a million people.
The ACCC ensures that individuals and businesses comply with Australian competition, fair trading, and consumer protection laws.
"Professor Terry's appointment to this important advisory committee recognises the Business School's expertise and the relevance of its work to the Australian people and Australia business," said the Dean of the Business School, Professor Greg Whitwell.
Professor Terry is a former member of the Small Business Development Corporation of NSW. He is also the Deputy Chair of Lawasia's Business Law Section (and Chair of the Franchising Committee) and Governor of the Franchise Council of Australia's Franchise Academy. He was inducted into the Australian Franchising Hall of Fame in 2016.