Complex sentence: Privatisation followed formal opening of Australia's telecommunications markets to full competition in July 1997, with removal of restrictions on the number of licensed operators and anti-competition mechanisms (replaced by general competition law under the oversight of the Australian Competition & Consumer Commission).
Split into simpler sentences: Privatisation followed formal opening of Australia's telecommunications markets to full competition in July 1997. In July 1997 the Australian telecommunications sector was opened for full competition with removal of restrictions on the number of licensed operators and anti-competition mechanisms (replaced by general competition law under the oversight of the Australian Competition & Consumer Commission).