New merger regime "refinements" to cut red tape and boost deal certainty a welcome change

The Assistant Minister for Competition Dr Andrew Leigh has unveiled a set of measures to accompany the new mandatory merger control regime launching on 1 January 2026.

These changes, shaped by feedback from the voluntary transition phase (underway since 1 July 2025), appear to help ensure the new regime focuses on deals that truly impact market structure while slashing unnecessary red tape for routine, low-risk transactions.

Forthcoming changes

• Leases and land deals carved out: Ordinary-course property transactions, like leases and most land acquisitions, are set to be exempt from the new regime unless subject to targeted notification requirements.

• Simpler thresholds for asset acquisitions and streamlined serial acquisitions: Treasury set to release updated guidance.

• Financial-market exemptions expanded: Expanded exemptions applicable to financial market activities beyond those presently available, including clarification of existing grounds.

• Voiding rules adjusted: The Government also plans to make practical adjustments to the automatic voiding provisions that still preserve the incentives for parties to notify proposed mergers.

What’s next?

• Final instruments are expected by year-end ready for the 1 January 2026 start date (though this has not been explicitly stated)

• The Government and Treasury will collaborate with stakeholders and the ACCC to refine the detailed design of these changes, ensuring the new merger system is faster, more transparent, and risk-based, delivering benefits for the Australian community.

• We expect the ACCC will update its process guidelines (though this has not yet been confirmed)

Our take

These changes are practical and welcomed, intended to strike the right balance between catching problematic deals and avoiding unnecessary filings. For all clients, including those in property, infrastructure, private equity and financial markets, today’s announcement will hopefully reduce the burden under the new regime.

Potential merger parties should continue to make decisions in line with the current legislation and guidance. We’re here to help you navigate the changes.

Reach out to our Competition & Regulatory team to discuss how these refinements impact your deal pipeline.