As previously reported by Lawyers Weekly, the proposed reforms include introducing a mandatory notification requirement for merger deals above certain thresholds and a prohibition on merger transactions proceeding without receiving a determination from the ACCC or tribunal.

Australia’s current merger regime does not require merger parties to notify the ACCC of proposed acquisitions or to wait for ACCC clearance before proceeding.

“We recognise these changes require a significant shift in the way the ACCC does business. Cost recovery fees will be introduced so the ACCC is sustainably resourced to meet the timelines, expectations and requirements we are establishing,” Treasurer Chalmers said.

“Fees will be scaled to reflect complexity and risk, with higher risk mergers facing higher fees. Treasury expects fees to be between $50,000 to $100,000 for most mergers but small businesses will be exempt.

“Along with additional resourcing, the implementation of the new regime will require a new set of skills at the ACCC. The more comprehensive examination of mergers that a mandatory system creates will provide the ACCC with more evidence to build the case for and against proposed mergers.”

To support this increased economic focus, the Treasurer said that “additional economic expertise” was needed.

“Merger experts have always been a feature at the ACCC. But to bolster this expertise, we’re proposing the appointment of Dr Philip Williams AM.

VIEW ALL

“Dr Williams, a former professor of law and economics at the University of Melbourne, has extensive experience analysing and explaining the economic impact of mergers,” Chalmers added.

“I have written to the states and territories recommending Dr Williams’ appointment as a commissioner from 27 June 2024.”

Williams has advised leading law firms as well as the ACCC and the National Competition Council on competition and regulatory issues. He holds a master’s in economics from Monash University and a PhD from the London School of Economics.

ACCC chair Gina Cass-Gottlieb welcomed the proposed appointment.

“Philip is an eminent and respected economist with a deep understanding of the intersection of economics and competition law in Australia. We warmly welcome news of his nomination by the Treasurer,” Cass-Gottlieb said.

“The Treasurer has also confirmed the appointment of Stephen Ridgeway as an associate commissioner of the ACCC. Ridgeway joined the ACCC as commissioner in June 2019 for a five-year term. He is widely recognised as one of Australia’s leading competition and consumer lawyers and an expert in the field.

“I am very pleased that the ACCC will continue to have the benefit of Stephen’s wisdom and intellect in his role as an associate commissioner. Stephen’s insights and guidance have been invaluable to our merger work in particular.”

Williams’ appointment is subject to confirmation by the states and territories.