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ARTICLE · 21 NOVEMBER 2025

Regulators looming large

Corrs Chambers Westgarth
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New mandatory & suspensory merger control regime will be stricter, more complex & apply to more deals, but is unlikely to lead to much more regulatory intervention.

AustraliaGovernment, Public Sector
Ian Reynolds
Ian Reynolds
James Morley
James Morley
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Australia's Foreign Investment Review Board (FIRB) regime has long been, and continues to be, a focus of investors into Australia. However, the new mandatory and suspensory merger control regime, which commenced on a voluntary basis on 1 July 2025 and comes into force on 1 January 2026, represents a seismic shift in how M&A processes will play out in Australia.

Dealmakers should be aware that the new merger control regime will be more rigid, more burdensome, often more protracted and capture many more transactions than the current voluntary merger regime, although it is not expected to result in significant additional intervention by the regulator.

FIRB

In parallel with these merger control changes, there have also been some developments within the FIRB regime itself. In 2024, the Treasurer announced a streamlining and strengthening of the foreign investment regime. In 2025, we have seen faster approval times for small transactions by repeat investors, but

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