Australian Merger Control: Reflections as the New Regime Beds Down

In this piece for A&O Shearman, authors Peter McDonald, Lisa Emanuel, Travis Stuart & Louise Tolley reflect on the early operation of Australia’s new merger control regime, which the ACCC describes as “off to a positive start.” While initial data suggests the system is functioning as intended, the authors note that the transition from a voluntary to a mandatory regime has introduced new procedural and strategic complexities for dealmakers navigating the process.

A key early trend is the sharp increase in transactions requiring review. Low notification thresholds and technically complex filing criteria—particularly around revenue calculations and cumulative acquisitions—have led to a surge in filings and waiver applications. As a result, parties are approaching the regime cautiously, often opting to notify to avoid regulatory risk, even in borderline cases.

At the same time, the administrative burden has increased significantly. The new framework requires detailed filings, pre-notification engagement, and often follow-up information requests from the ACCC. Combined with materially higher filing fees, this has raised both the cost and time investment needed to secure clearance, even for relatively straightforward deals.

Despite these heavier requirements, outcomes so far have been relatively business-friendly. Most transactions are being cleared quickly at Phase 1, often within or ahead of the ACCC’s target timelines, and intervention rates remain low. However, waiver applications are receiving meaningful scrutiny, with some rejections requiring full notification and resetting review timelines—underscoring the importance of carefully assessing the appropriate filing route under the new regime…

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