Delivering a speech at the Bannerman Competition Lecture in Sydney, Chalmers said that the new changes are "the biggest reforms to merger settings in almost 50 years" to make the approval regime faster, stronger, simpler, more targeted, and more transparent.
Under the new regulations effective from Jan. 1, 2026, a merger will be approved within 30 working days, where the Australian Competition and Consumer Commission (ACCC), the single decision maker on all mergers, raises no competition concerns.
Any merger that exceeds certain monetary thresholds or would significantly change market concentration will need to be notified to the ACCC and obtain approval before proceeding.
Chalmers pointed out that Australia is one of only three OECD countries that doesn't require compulsory notification of mergers.
According to the treasurer, over 1,400 mergers were recorded in 2023 at a value of approximately 300 billion Australian dollars (around 198 billion U.S. dollars), while the ACCC looked at an average of 330 mergers a year over the past decade -- around a quarter of the total.
"The merger regime will be more transparent by ensuring the ACCC has better visibility of merger activity. And we are creating a public register of all mergers and acquisitions notified to the ACCC to promote this transparency and accountability," said Chalmers.
ACCC Chair Gina Cass-Gottlieb welcomed the announcement by the treasurer, saying that the move will benefit Australian consumers and businesses of all sizes, as well as the wider economy.
"These proposed changes are significant and will reinforce public confidence in Australia's competition laws," she added.
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