On April 10, 2024, the Australian Federal Treasurer announced
sweeping reforms to Australia's merger review regime, stating,
"[t]hese changes I announce today are the biggest reforms to
merger settings in almost 50 years." The proposed reforms are
published in a report by the Australian Treasury.
Similar to premerger notification regimes in other
jurisdictions, the proposed reforms in Australia would require
merging parties for transactions exceeding certain thresholds to
notify the competition authority and observe a waiting period
before closing.
These reforms will impact transactions by leading to new
conditionality, increased time frames, and additional
costs—including as a result of filing fees, filing
preparation, and government engagement. The new process may also
delay the closing of many transactions.
