Key Documents
Treasury released the exposure draft of Treasury Laws Amendment Bill 2024: Acquisitions.
This legislation will deliver the Australian Government’s reforms to merger rules and processes announced on 10 April 2024.
The government’s reform proposes a faster, stronger and simpler system which better targets anti‑competitive transactions to improve consumer and business outcomes.
The exposure draft was informed by previous consultation which ran from November 2023 to January 2024.
Consultation will inform the finalisation of the draft legislation to enable government consideration.
Framework
The exposure draft sets out the framework of this new system including:
- notification and timelines
- definition of acquisitions
- test to be applied for considering competition impacts and substantial public benefits
- procedural safeguards.
Stakeholder engagement
Alongside inviting submissions, the Competition Review Taskforce in Treasury will also engage in targeted stakeholder engagement.
Future consultation
Treasury will consult on the notification thresholds, fees and regulations including the ACCC’s public register and associated transparency safeguards later this year.