(1) The Council consists of the Council President and up to 4 other Councillors.
(2) Each Councillor is to be appointed by the Governor-General, for a term of up to 5 years.
(3) The Governor-General must not appoint a person as a Councillor or Council President unless the Governor-General is satisfied that:
(a) the person qualifies for the appointment because of the person's knowledge of, or experience in, industry, commerce, economics, law, consumer protection or public administration; and
(b) a majority of the States and Territories that are parties to the Competition Principles Agreement support the appointment.