The National Farmers' Federation welcomes progress on national merger and acquisition reform to help encourage investment and strengthen competition in Australia.
The Federal Government has released draft legislation for the new system, which aims to improve the efficiency and transparency of the review process and give the ACCC more power to scrutinise transactions.
NFF Chief Executive Tony Mahar said mergers and acquisition reform was a central to improving Australia's competitive landscape.
"We've stated for a long time that mergers and acquisition reform is central to improving competition. We welcome the release of the draft legislation as an important and tangible step forward," Mr Mahar said.
"A competitive supply chain is crucial to Australian agriculture, and getting competition settings right is critical to better outcomes for both producers and consumers.
"It's important this legislation balances the need to have a review process that encourages investment in our economy, while also establishing a robust framework to protect Australian producers and consumers from any reductions in competition."
Mr Mahar also welcomed Andrea Gomes da Silva's appointment as an independent expert advisor, bringing a raft of experience to bolster the reform process.
The NFF is engaged in the consultation for the Treasury Laws Amendment Bill 2024: Acquisitions.
