The Albanese Government has released draft legislation to reform Australia's merger rules and boost competition and productivity in our economy.
Our new reforms will make our merger approval system faster, stronger, simpler, more targeted and more transparent.
Following extensive consultation, the draft legislation released today sets out the legal framework for the new system which will commence from 1 January 2026, subject to its passage through Parliament.
Our laws will simplify and speed up the process for mergers that are in the national interest and give the regulator stronger powers to identify and scrutinise transactions that pose a risk to competition, consumers and the economy.
These changes will make 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.
The draft legislation delivers the necessary reforms that will enable the ACCC to better identify growing market power and protect Australian consumers from anti‑competitive mergers.
Improving competition will mean higher quality choices for consumers and fairer prices and will boost innovation, productivity and dynamism in our economy.
Submissions on the draft legislation are open until 13 August 2024.
Treasury will consult on the notification thresholds later this year.
In addition to the release of draft legislation, the government has appointed Andrea Gomes da Silva as an independent expert advisor.
Ms Gomes da Silva will advise Treasury and the ACCC on implementing the new merger control system effectively, including advice on ACCC capabilities, practice, systems and resourcing, and delivering the government's reforms through a risk‑based approach to merger review.
This appointment is all about making our mergers system as clear and consistent as possible for the private sector and community.
Ms Gomes da Silva brings extensive experience as a merger decision maker and leader at the United Kingdom Competition and Markets Authority (CMA) and as a competition lawyer.
She led the CMA's merger functions during a period of significant change and expansion after the United Kingdom's exit from the European Union.
The Albanese Government's economic plan is all about easing the cost of living for Australians at the same time as we grow our economy and our merger reforms will help to achieve both of these aims.
