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Treasurer Jim Chalmers wants the Australian Competition and Consumer Commission (ACCC) to examine every corporate merger under a new law which would make it mandatory for companies to report their intentions.
He says the voluntary scheme currently in place is too “hit and miss” as the ACCC only assesses about a quarter of all mergers, meaning there’s a high chance it could miss an anti-competitive combination.
Australia is one of only three OECD countries without a compulsory merger notification law.
“We don’t actually know if the right mergers are being scrutinised so we are going to fix that and that’s because we want good mergers to proceed more quickly, but we want concerning mergers to receive a bit more robust scrutiny,” Mr. Chalmers said.
“Mergers reform is a big part of making our economy more competitive and that’s why we’re embarking today on the biggest changes to the mergers regime in something like 50 years.”
“A more competitive economy means more choices for people at fairer prices, and our economy is not competitive enough as it stands, and it’s been getting less competitive over recent decades and that comes at a cost to everyone.”
Most Australian sectors are dominated by a few large companies, and Treasury research suggests a lack of competition increases the cost of doing business and can lead to higher prices and lower wage growth.
This has become a particular concern for the government as it looks for ways to boost flagging productivity and spur innovation.
It has launched several investigations spanning different sections of the economy, including the supermarket sector, which can come under the spotlight by suppliers and consumers for its pricing practices in an economy grappling with inflation.
Under the proposed new system, the ACCC would apply a test of whether the proposed merger substantially lessens competition, and whether it expands and entrenches more power among fewer players in the market.
“Most mergers are good. Most mergers are about scale. Most mergers have obvious economic benefits but there are some which are concerning, where they expand and entrench market power or where they substantially lessen competition,” Mr. Chalmers said.
“These reforms will mean the regime is faster and simpler, more targeted, more transparent, and stronger, but it means that good mergers can proceed quicker and concerning mergers receive a bit more robust scrutiny.”
The ACCC has long sought tougher rules, and while businesses viewed some of its earlier proposals as “excessive,” the treasurer believes the current proposal strikes the right balance.
“By fixing the mergers regime, we make our economy more competitive. If it’s more competitive, it’s more dynamic and it’s more productive and it’s better for consumers and businesses alike,” the treasurer asserted.
Under the changes, merger laws will be updated to better handle serial acquisitions, which is where a firm incrementally acquires a number of smaller companies.
ACCC chair Gina Cass-Gottlieb welcomed the changes, saying they were “significant and will reinforce public confidence in Australia’s competition laws.”
If Parliament approves the new law, it would come into force in 2026.