It was felt that a number of the tasks carried out by the previous Australian Wheat Board would not be appropriate for a privately owned body; thus, the WEA was established.
The WEA had two major functions, including monitoring and reporting to the government and growers on AWB(I)'s performance in managing the National [wheat] Pool.
In December 2006 the Government amended the Act transferring the power of veto over bulk exports from AWB(I) to the Minister, on a temporary basis until 30 June 2007.
In the course of the Cole inquiry into allegations that AWB paid kickbacks to Saddam Hussein's regime in Iraq for wheat shipments under the United Nations Oil-for-Food Program, it was revealed that the WEA board, upon hearing of the allegations through media sources, asked AWB(I) to show them Iraq wheat sales contracts.
The WEA had limited powers and resources, far below those of the Cole Inquiry, and its examination of material provided to it by AWB at that time failed to reveal information of concern.