Treasury has released the exposure draft of Treasury Laws Amendment Bill 2024: Acquisitions which will amend the Competition and Consumer Act 2010 to reform Australia’s merger rules and processes.
The exposure draft sets out the framework of a new system including:
- notification and timelines
- definition of acquisitions
- test to be applied for considering competition impacts and substantial public benefits
- procedural safeguards.
The legal framework for the new system will commence on 1 January 2026, subject to its passage through Parliament.
The changes are intended to give the ACCC stronger powers to identify and scrutinise transactions that pose a risk to competition, consumers and the economy at the same time as making it easier for the majority of mergers to be approved quickly, so the ACCC can focus on the minority that give rise to competition concerns.
In particular, the changes will clarify that a substantial lessening of competition can result from creating, strengthening or entrenching substantial market power.
Treasury will consult on the regulations, which will cover notification thresholds, fees, and the ACCC’s public register and associated transparency safeguards later this year.
If you found this article helpful, then subscribe to our news emails to keep up to date and look at our video courses for in-depth training. Use the search box at the top right of this page or the categories list on the right hand side of this page to check for other articles on the same or related matters.
Author: David Jacobson
Principal, Bright Corporate Law
Email:
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
