Mergers and acquisitions

False

Competition

Competition is an important driver of economic dynamism and productivity. It encourages businesses to pass on to consumers and workers:

lower prices
higher quality products
higher wages.

This helps to ease cost‑of‑living pressures over time.

Mergers and acquisitions contribute to the efficient functioning of the economy. They provide ways for businesses to:

achieve economies of scale
diversify risk
exit underperforming businesses.

Anti‑competitive mergers and acquisitions can limit innovation, reduce quality and increase prices.

Review

The Competition Review looked at:

the effectiveness of Australia’s current merger rules and processes
ways to improve merger rules and processes.

The Taskforce advised government on changes to Australia’s merger rules and processes.

Reforming merger control

The government is reforming Australia’s merger rules to streamline the approvals process. It will introduce a mandatory and suspensory administrative system for mergers and acquisitions.

This reform will:

make Australia’s merger system faster, stronger, simpler, more targeted and more transparent
allow the ACCC to detect and stop harmful anti‑competitive mergers and acquisitions.

The Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024 implements the new merger system. It passed Parliament on 28 November 2024.

The Competition and Consumer (Notification of Acquisitions) Determination 2025 was registered on 30 June 2025. It implements key aspects of the new merger system. This includes the notification thresholds and the notification forms.

Government response to consultation – notification waiver form and process

Notification waiver form

Consultation on the waiver form took place from 3 to 16 September 2025.

The government’s updated position on the waiver form is below. This will be formalised shortly. The form will be registered on the Federal Register of Legislation.

Waiver form – consultation outcomes [PDF 226 KB Waiver form – consultation outcomes | DOCX 308 KB Waiver form – consultation outcomes]

Notification waiver process

Consultation on the waiver process took place from 21 October to 3 November 2025.

The final waiver process will include the following key features:

The waiver process is a fast and low-cost process. It is intended for low-risk mergers that can be cleared swiftly based on information provided.
Businesses who are granted waivers do not need to notify a merger.
The ACCC expects to deal with the bulk of applications quickly, many within days, and has a maximum of 25 business days to assess a waiver application.
The ACCC’s decision will be transparent. ACCC waiver decisions will be published on the public register.
Confidential waiver processes are available for surprise hostile takeovers. This ensures it is confidential until the bid is announced. It is also available for certain voluntary transfers.

The ACCC will shortly provide updated and more detailed guidance on the waiver process on its website. The ACCC has been actively publishing FAQs on merger reform (including waivers).

Government response to consultation – control & asset thresholds

April start date for the new control and asset thresholds

Consultation on the new control thresholds took place from 21 October to 3 November 2025. Targeted consultation on the new asset thresholds took place in early- to mid-November 2025.

In line with stakeholder feedback, the government has decided to commence these new control and asset thresholds on 1 April 2026. This 3-month deferral just for these aspects will provide businesses with more time to prepare. The core merger system will commence as planned on 1 January 2026.

The final provisions are expected to be registered on the Federal Register of Legislation in mid-December 2025.

Summary of the notification thresholds

Mergers that meet the thresholds must be notified to the ACCC before completion. Mergers do not need to notify if exempt.

Treasury has prepared a summary of the thresholds. The summary covers the thresholds and key exemptions. It also covers the additional requirements for major supermarkets.

Merger reform thresholds summary ‑ PDF 196.01 KB