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Executive summary

Market failures are characteristics of goods and markets that can lead to economically inefficient allocation of resources, compared with the theoretical ideal. Dealing with market failure is an important rationale for government intervention and regulation.

The main sources of market failure are:

• External costs and benefits;
• Public and collective goods;
• Information failures; and
• Monopoly and restricted competition.

The purpose of this study was to determine the nature and extent of market failures relating to the management of end-of-use tyres in Australia.