What is the new ACCC mandatory merger control regime?

The new regime requires Australian companies to formally notify the Australian Competition and Consumer Commission (ACCC) of any proposed acquisitions that meet specific financial or market thresholds.

How efficient has the ACCC been in reviewing mergers under the new rules?

The ACCC has exceeded its initial efficiency targets during the first quarter of the regime's operation (January 1 to March 31, 2026). While the regulator committed to deciding 80% of cases within 20 business days, it actually achieved a 91% success rate.

What are notification waivers and how often are they granted?

Waivers are a streamlined assessment path for simple acquisitions that clearly do not raise material competition concerns. During the first quarter, the ACCC received 108 waiver applications and granted 70, while six were denied.

What do Phase 1 and Phase 2 assessments mean for a deal's timeline?

A Phase 1 assessment is the initial review period, which currently averages 18 business days; most deals (39 in the first quarter) are cleared at this stage. If the ACCC identifies complex competition issues, the deal progresses to Phase 2 for a more in-depth, rigorous assessment.

Why should retail investors care about these regulatory changes?

For investors, this regime reduces "regulatory drag" by providing predictable timelines for deal completions, which is critical for arbitrageurs and shareholders in target companies. The mandatory nature of the filings also means more data is available via the ACCC’s public acquisitions register.

Does this new regime make M&A activity in Australia more difficult?

While the mandatory requirement adds a layer of compliance, the early data suggests the process is faster than many anticipated. The high approval rate in Phase 1 and the quick turnaround on waivers indicate that the ACCC is focusing its resources on high-impact deals rather than blocking routine transactions.

What are the key risks for investors under this new ACCC system?

The primary risk is a "Phase 2" designation, which can significantly delay a deal and increase legal costs for the companies involved. Additionally, because the Minister sets the notification thresholds, there is a risk that future regulatory tightening could bring smaller, bolt-on acquisitions under increased scrutiny.

What should investors watch for in the next ACCC performance update?

Investors should monitor whether the ACCC can maintain its 18-day average approval speed as the volume of notifications likely increases later in the year. A rising percentage of deals being pushed into Phase 2 would be a bearish signal for sector-wide consolidation.

New merger regime exceeds early efficiency targets

Written by Liezl GambePublished Apr. 9 2026Last Updated Apr. 9 2026

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.