/ 11 April 2024

Chalmers’ competition mission

Jim Chalmers

Following Monday’s announcement to counter the big supermarkets, Treasurer Jim Chalmers’ mission to combat large companies’ market power could see the biggest revamp of Oz’s competition laws in over 50 years. The Australian Competition and Consumer Commission (ACCC) could be given sharper/more teeth to limit mergers and acquisitions after concerns that some significant mergers have “flown under the radar”. It means from January 2026, companies would have to convince the ACCC that takeovers wouldn’t increase unfair market concentration. Coalition Treasury spokesperson Angus Taylor criticised the move, saying the government mustn’t “confuse competition policy” with “competitiveness of the economy.” …And, hinting at his agenda for next year, PM Albanese will today unveil his “Future Made in Australia Act” aimed at driving clean energy and manufacturing projects.

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