Competition watchdog ACCC to get a boost in powers making it easier to block 'harmful' mergers and acquisitions

In short: The federal government is proposing new laws that will require major merger and acquisition proposals to seek approval from the competition regulator. "Some mergers can cause serious economic harm," Mr Chalmers said during the Bannerman Competition Lecture, hosted by the ACCC and the Law Council of Australia. "Petstock's decision to make numerous acquisitions of this scale without notifying the ACCC demonstrates the limitations of Australia's current merger regime," said the ACCC's chair Gina Cass-Gottlieb in December last year. "Right now, merging businesses do not have to notify the ACCC or wait for the ACCC's view before completing a merger," Mr Chalmers said. The ACCC's calls for merger reform have been met with resistance from some business groups and their lawyers who argue the changes to make ACCC approval mandatory would stop mergers going ahead.