Australian Treasurer Announces Merger Changes

Already a subscriber?In announcing his merger changes, Treasurer Jim Chalmers pointed to the package as a balanced set of reforms that is intended to result in a “faster, stronger and simpler” clearance process. It’s too early to be certain, but that may well overstate what will be delivered.

Treasurer Jim Chalmers says stronger competition powers will improve the economy and overall living standards.for business is that the government has rejected the ACCC’s initial call for the test for merger approval to push the onus onto merger parties to prove that their deal was not anticompetitive.

First, as expected, the regime introduces a compulsory notification regime. The combination of mandatory notification and an “on the papers” review process before the tribunal, which limits the information to what had been provided to the ACCC, means that all notifiable mergers may be subject to more onerous up-front information requirements.

Third, ACCC decisions will not be subject to full evidentiary review. A decision to block will be subject only to limited merits review, meaning there is little scope for parties to test the veracity of evidence gathered by the ACCC or to correct gaps in the ACCC’s investigative process or economic analysis.

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