The future of mergers in Australia

Moving to a mandatory and suspensory administrative merger control regime

Australia's merger regime is set for a major overhaul, with reforms coming into effect for deals closing or completing on or after 1 January 2026, impacting transaction timelines from mid-2025. These changes will introduce a single mandatory and suspensory administrative process, replacing the current framework.

The Government has consulted on some aspects of the regime and announced key features of the new merger laws in draft legislation introduced to Parliament. However, some details of the final regime are still expected to be announced before the end of the 2024 calendar year. Businesses must prepare for the most significant changes to Australian merger clearance rules in decades, as the new regime could capture more deals than the current laws.

Timeline 

Since the announcement of a two-year Competition Review in August 2023, there have been several key developments in Australia’s merger reforms. This timeline outlines the progress made so far and the expected next steps. The Government and the ACCC will release further consultation papers during the course of 2024 and 2025 seeking public input on merger review timelines, substantive assessment, filing fees, procedural and transparency safeguards and penalties.