Australia's transition to a mandatory merger control regime is yielding "positive" early results, with the Australian Competition and Consumer Commission surpassing its initial efficiency targets.
Official data, covering the first quarter of operation from Jan. 1 to March 31, reveals that the regulator received 50 formal merger notifications and 108 waiver applications.
Under the new laws, businesses must notify the ACCC of acquisitions meeting specific thresholds and await approval before proceeding—a shift designed to enhance transparency and prevent anti-competitive consolidation.
The ACCC reported an average turnaround of just 18 business days for Phase 1 approvals, while simpler acquisitions processed via "waivers" were decided within an average of 11 business days.
Of the notifications received, 39 were approved in Phase 1, with only two progressing to a more rigorous Phase 2 assessment.
ACCC Chair Gina Cass-Gottlieb noted that 91% of all acquisitions were decided within 20 business days, exceeding the agency's 80% commitment.
"We are pleased with how the regime is progressing," Cass-Gottlieb said, highlighting that the increased transparency allows stakeholders to monitor consolidation patterns through a public acquisitions register.
While 70 waivers were granted, six were denied, requiring those firms to undergo formal notification.