澳大利亚强制性合并制度内部：数据揭示了什么

What the data reveals Australia – May 2026 On 9 April 2026, the Australian Competitionand Consumer Commission (ACCC) publishedits first operational update on Australia's newmandatory merger control regime, revealingthat 91% of applications made have been The motivation for reform was threefold: to bring Australiainto alignment with jurisdictions like the EU and the US; tointroduce procedural transparency and consistency; and Snapshot of the ACCC register The ACCC's April 2026 update provides the first empiricalwindow into how the regime is functioning in practice.2TheACCC's early clearance data has proven more favourable Prior to the regime's introduction, the ACCC indicated that itexpected approximately 80% of mergers to be cleared within15 to 20 business days. However, during the first quarter, theACCC approved or granted over 90% of notified acquisitionsor waivers within 20 business days, a material improvement Rather than materially slowing deal timelines, as manypractitioners feared, the early evidence suggests thatthe ACCC is prioritising efficient clearance of low-risk Another surprise in the data is that the number of notificationwaiver applications greatly exceeded the ACCC’s estimateof 8.3 waiver reviews per month (approximately 33 in total), This article examines what the data published on the publicregister reveals about the practical operation of Australia’snew merger regime. It explores the ACCC’s emergingapproach to waiver applications, the transaction profilesthat have attracted closer scrutiny, and the proceduraland strategic implications for lawyers advising clients on •Received a total of 152 waiver applications to 30 April2026, being an average of 38 applications per month (over •Received a total of only 76 Phase 1 applications, beingan average of 8.9 per month (roughly 30% of the number The new regime Australia's shift from a voluntary, informal merger clearanceregime to a mandatory and suspensory regime under theCompetition and Consumer Act 2010(Cth) marks the most •Taken an average of 12 business days to grant a •Taken an average of 19 business days to make a decision •Required only four notification applications to progressto Phase 2 review. In each case, the application involveseither a highly concentrated market, a significant This includes acquisitions where: (a) There are no competitive overlaps between acquirer and (b) The merger parties have very low market shares •Not referred any notification acquisitions to the Public (c) There are no vertical or conglomerate issues (d) There are no complex factual scenarios, e.g. a failing firm •Not blocked any notification acquisitions. •Not imposed conditions on any of its approved notified The end of confidential pre-assessment If notification is required or a waiver application is made theACCC must publish the filing on the public register withinone business day of lodgement. This fundamentally alterstransaction sequencing. A party lodging a waiver application Filings have been spread across a wide range of industrieswith no single sector dominating. Construction, engineeringand infrastructure services have been a prominent source offilings, reflecting the consolidation-driven and asset-intensive Waiver applications: The preferred In practice, filing and public announcement must now usuallyoccur simultaneously. This creates a structural tension thatdid not exist under the old regime. Parties want to commence The waiver mechanism has emerged as the regime's mostcommercially attractive feature. With an average processingtime for waiver notifications of only 12 business days,compared with 19 business days for Phase 1 approvals, and afiling fee of only AU$8,300 for a waiver application, comparedwith AU$56,800 for Phase 1 notification applications, mergerparties have a compelling financial and efficiency incentiveto pursue the waiver pathway wherever the transaction The ACCC register as a competitive The public register is not merely a transparency mechanism.It is rapidly becoming a sophisticated competitive intelligenceresource. Within one business day of lodgement, competitorscan identify that a rival has entered into an acquisition, theidentity of the target, the industry involved, and the broad The register also creates a mechanism through whichcompetitors can influence ACCC review processes. In Phase1 reviews, the ACCC invites market participants to makesubmissions through its market consultation process, a Notwithstanding the advantages, there are some risks toproceeding by way of waiver. Although the overwhelmingmajority of notification waivers are granted, it is importantto note that 8% of waiver applications are not approved. If awaiver is rejected, a Phase 1 application will need to be made Monitoring the register is, therefore, becoming a routinestrategic activity for active market participants, not merely a For this reason, it is important for parties to take note ofthe limited circumstances wh