Australian Wheat Board Accountability Act of 2006 - Directs the U.S. Trade Representative (USTR) to initiate an investigation in accordance with title III of the Trade Act of 1974 to determine if actions by the Australian Wheat Board with respect to the Board's abuse of the United Nations Oil-for-Food Programme constitutes an act, policy, or practice and justifies taking action against unfair trade practices and to enforce U.S. rights under trade agreements.
Deems economic damage suffered by U.S. wheat farmers as a result of the practices of the Australian Wheat Board related to the United Nations Oil-for-Food Programme during the period 1999 to 2003 to be such an act, policy, or practice.
Requires the USTR to seek a negotiated settlement with the Australian government upon an affirmative determination that the actions of the Australian Wheat Board have resulted in barriers to U.S. wheat exports or meet the requirements for mandatory action.
Imposes additional duties upon Australian imports in the event of failure to reach a negotiated settlement.