Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024 (137 of 2024)

Schedule 1   Acquisitions

Part 2   Amendments commencing 1 July 2025

Division 1   Amendment of the Competition and Consumer Act 2010

Competition and Consumer Act 2010

71   At the end of Part XIII

Add:

Division 6 - Application of amendments made by the Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024

188 Notifications may be made on or after 1 July 2025

Division 3 of Part IVA applies in relation to a notification made on or after 1 July 2025.

189 Requirement to notify from 1 January 2026

(1) Subject to subsection (4) of this section, Division 2 of Part IVA applies in relation to an acquisition that is put into effect on or after 1 January 2026, other than an acquisition to which subsection (2) applies.

(2) This subsection applies to an acquisition if:

(a) between 1 July 2025 and 31 December 2025, the Commission:

(i) grants a merger authorisation for the authorisation; or

(ii) advises a party to the acquisition, in writing, that the Commission does not intend to take action under this Act in relation to a contravention, or possible contravention, of section 50 in relation to the acquisition; and

(b) the acquisition is put into effect during the 12 months starting on the day the Commission grants the merger authorisation or gives the advice.

(3) To avoid doubt, subparagraph (2)(a)(ii) does not:

(a) give the Commission any power, duty or function, including the power, duty or function of giving the advice referred to in that subparagraph or of making a decision in relation to giving such advice; or

(b) limit the ability of the Commission to take any action referred to in that subparagraph; or

(c) affect the operation of any law other than Division 2 of Part IVA.

Notification waiver applications

(4) An application may be made under subsection 51ABU(1) on or after 1 January 2026.

190 Annual reports by Commission

Paragraph 171(3)(ab) applies in relation to an annual report for a period ending on or after 30 June 2026.

192 Acquisition of property

(1) The amendments made by Schedule 1 to the Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024 do not apply in relation to an acquisition if:

(a) apart from this section, the operation of the amendments in relation to the acquisition would result in an acquisition of property from a person otherwise than on just terms; and

(b) the acquisition of property would be invalid because of paragraph 51(xxxi) of the Constitution.

(2) In this section:

acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.

just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.