Based on an examination of factors affecting grain-fed beef prices in Australia, there is evidence that Australian market prices for grain-fed beef are not a true reflection of world prices for that product. Although no evidence was found of attempts to manipulate or otherwise distort market prices through collusion, exercising market power, or shifting profits out of Australia, the available price data suggest that Australian prices have been lower than they otherwise might have been. This report presents a brief overview of the structure of the Australian fed-beef industry and examines factors affecting the pricing of Australian fed-beef.