The National Farmers' Federation (NFF) has welcomed headway on competition reforms that will help encourage investment and strengthen competition in Australia.
Today the Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 passed the House of Representatives, marking a significant step to creating better outcomes for producers and consumers.
NFF Deputy CEO Charlie Thomas said the Bill represented an important opportunity to modernise Australia's merger and acquisition framework and strengthen competition across critical sectors.
"Mergers and acquisition reform is key to ensuring a competitive economy that benefits Australian agriculture and the broader community," Mr Thomas said.
"A fair and transparent merger review process is essential for protecting farmers and consumers from the impairments reduced competition can bring, while still encouraging investment that drives economic growth."
The reforms aim to streamline and strengthen Australia's merger regime, with the introduction of mandatory notification for mergers above certain thresholds and the Australian Competition and Consumer Commission taking on an enhanced role as the decision maker on approvals.
"Australia's current merger process is outdated and unfit for a modern economy, particularly when compared to global best practices," Mr Thomas said.
"These reforms provide the transparency and rigour needed to ensure anti-competitive transactions are identified and addressed, bringing Australia in line with other advanced economies."
The NFF has been actively engaged in consultations on the reforms and remains focused on ensuring the system delivers balanced outcomes that protect and promote competition throughout supply chains.
"We commend the Government - in particular the Treasurer and Assistant Minister Leigh - for their extensive consultation in shaping these reforms and urge swift passage through the Senate to enable a smooth transition to the new regime."
With the new regime set to begin from 1 January 2026, the NFF will continue to work with Government and industry stakeholders to support a framework that delivers better outcomes for Australian agriculture.
