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Across the board in 2024, we've seen increased enforcement appetite from Australian regulators. That's likely to be an ongoing trend in 2025. A key focus of my conversations with clients has been Australia's new merger regime. Understanding the implications is a top priority for super funds, private equity firms and corporate clients. I'm having daily discussions about what these changes mean for getting deals done.

The key to navigating the regulatory environment will be adaptability and proactive engagement.

The introduction of a mandatory and suspensory control regime is significant for M&A activity in Australia. Many businesses will be unable to progress a merger until the ACCC has taken a look – which could dampen activity. As the regime rolls out, all eyes will be on how efficiently the fast-track process for uncontentious mergers operates and whether the ACCC can meet the approval timelines it has committed to. In my view, this will be a critical factor in the regime's success. It's crucial we stay ahead of the curve and provide our clients with the guidance they need to navigate these changes effectively.

As we head into 2025, my message for dealmakers is to consider implications for upcoming deals, particularly if there is a chance they may not be implemented until 2026. From 1 July 2025, the new regime will operate on a voluntary basis, in parallel with the existing regime. The existing regime will cease on 31 December 2025; from 1 January 2026, dealmakers will have no choice but to file under the new regime if they trip the thresholds. Failing to secure approval under the existing regime by the end of 2025 could therefore result in businesses needing to reapply under the new framework – potentially delaying deals and increasing complexity.

Beyond the M&A reform, this year we’ve also seen heightened regulatory scrutiny of consumer law, particularly around pricing and greenwashing. Both the ACCC and the ASIC have targeted misleading environmental claims, and we expect enforcement activity in this area will continue. It's essential for organisations to ensure that their marketing and product claims are accurate and substantiated, to avoid regulatory scrutiny.

Looking ahead, the key to navigating 2025’s increasingly complex regulatory environment will be adaptability and proactive engagement. By staying informed, planning strategically and seeking expert guidance, businesses can navigate these challenges and capitalise on the opportunities that come with a more rigorous regulatory framework.