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 Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 passed both Houses of Parliament on 28 November 2024. However, some details of the final regime are still expected to be announced in the next coming months. 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.
What does this mean for your business?
The regime may apply to deals signed before 1 January 2026, provided they are implemented on or after that date. Accordingly, businesses should prepare to comply with the new regime ahead of 1 January 2026. There will be scope to voluntarily file under the new system from 1 July 2025, with the mandatory suspensory regime taking effect from 1 January 2026.
Allens' competition team has considerable experience advising clients on complying with merger control requirements, drawing on local and global experience. Contact us to discuss how you can get your business ready and keep ahead of the changing regulatory landscape.
