Category: 3. Business

Overview of the regime’s key elements



8 min read

The final regulations for Australia’s new merger regime have been released. The regime applies to any deals closing on or after 1 January 2026. The latest version includes changes to the asset, serial acquisition and control thresholds and expanded exemptions. 

The majority of the amendments take effect from the commencement of the new merger regime on 1 January 2026. However, some amendments only take effect from 1 April 2026 to give businesses more time to consider if their transactions are now caught. Our Insight sets out an overview of these changes. 

We’ve also prepared a ‘quick guide’ covering the key elements of the regime (incorporating these most recent changes), including key thresholds, exemptions, fees, forms and timelines.

Status of the regime

The regime applies to any deals closing on or after 1 January 2026. Mandatory ACCC clearance is required for acquisitions of control (by way of completion / closing) of companies / unit trusts or acquisitions of assets (where no control test applies) that meet the various monetary thresholds, provided the target is connected with Australia. See our quick guide to the new regime for the thresholds.

New voting power thresholds

The voting power thresholds will commence on 1 April 2026. They designate four classes of acquisitions that will be required to be notified (subject to satisfying the monetary thresholds and not otherwise being exempt) despite not resulting in a change of control, at various voting thresholds (for bodies corporate, unit trusts and managed investment schemes):

• Private company: voting power increases from ≤20% to >20%.
• Private or public company: voting power increases from ≥20% to ≥50%.
• Public company (no current control): voting power increases from <20% to ≥50%.
• Public company (already controlled): voting power increases from ≤20% to >20%.

Revised asset thresholds

For deals closing on or after 1 January 2026, if the acquisition is of assets, there are two alternative thresholds depending on whether the assets form all or substantially all of the assets of a business: 

• for assets forming all or substantially all of the assets of a business, the Australian revenue of the business will form the ‘target revenue’.
• for assets that do not form all or substantially all of the assets of a business, only the existing transaction value test of $250 million will apply (alongside the $200 million acquirer revenue limb).

The approach of determining ‘attributable revenue’ by calculating ‘20% of the market value’ of the asset will be removed entirely from the regime. 
For deals closing on or after 1 April 2026, new/additional thresholds will apply for acquisitions of assets that do not form all or substantially all of the assets of a business (unless otherwise exempted):

• where the revenue of the acquirer is at least $200 million, the transaction value is at least $200 million.
• where the revenue of the acquirer is at least $500 million, the transaction value is at least $50 million.

Revised serial acquisition test

The monetary thresholds include a ‘cumulative Australian revenue’ limb to address serial acquisitions. This limb aggregates the revenue of the proposed target with the revenue of previous targets acquired by the acquirer over the last three years in the same industry.

The serial acquisition test has been amended to now exclude previous targets that (in the case of shares) the acquirer does not control or (in the case of assets) have since been divested or disposed of. This amendment reflects the fact that the acquiring entity cannot use those assets or shares to affect competitive dynamics, and also that businesses may find it difficult to maintain records for divested or disposed previous targets. Note, however, that the concept of ‘control’ still includes the unusual concept of ‘joint control’, which may capture minority investments where there is a shareholders’ agreement in place. See further below.

Narrower definition of ‘connected entity’ (for calculating ‘group turnover’ for monetary thresholds)

The definition of ‘connected entity’ now excludes any interests where the investment is coupled with only minority protection rights. This means these investments can be excluded from ‘group’ wide turnover for the purposes of calculating thresholds and brings the regime closer into alignment with approaches in other jurisdictions.

Expanded exemptions

The categories of acquisitions that are exempt from notification have also been expanded and refined. Notably:

• Acquisitions of land or interests in land in the ordinary course of business are now exempt. The explanatory materials issued by the Government take a much more expansive approach to the concept of what is in the ordinary course of business as compared with the position under common case law. This is welcome. The examples included in the explanatory materials of acquisitions that could benefit from this exception include the acquisition of an interest in land for the purpose of an office, headquarters or other routine trading activities, the acquisition of office towers for the purposes of commercial property investment, a property development company acquiring land to develop residential or commercial property, retailers leasing or acquiring land for a warehouse to store their inventory, a manufacturer leasing or acquiring land for a new manufacturing facility, an energy generator acquiring land for a solar farm, or an energy distributor acquiring land to build pylons on. However, it is not intended to capture ‘land banking’ or certain transfers of land between competitors.
• The progressive land acquisition exemptions now also apply to ‘quasi-land’. Quasi-land is intended to include certain mining, quarrying or prospecting rights, water entitlements, and rights in relation to land for forestry operations.
• Acquisitions of security interests are now exempt regardless of whether they give the acquirer the ability to control a new entity or acquire a new business. However, the enforcement of a security interest is not exempt unless it is in the ordinary course of business of providing financial accommodation and is at arm’s length.
• Acquisitions by nominees and other trustees to cover acquisitions upon the conversion of capital instrument that occurs in connection with prudential loss-absorption mechanisms under APRA’s prudential standards are now exempt.

Outstanding issues

• Competitive auction processes: under the current merger laws, the ACCC public review process can only begin where there is an intention to enter into transaction agreements, meaning that if a competitive auction process is ongoing, the ACCC can’t review until there is exclusivity or a preferred bidder. However, consultation on the short form or the review of a waiver application can commence earlier.
• Public market / exchange processes: there is no derogation from the suspension obligation for on-market public transactions where shares are not voted.
• Automatic voiding: transactions are automatically void if implemented without ACCC clearance. If the Government is to amend this it will not be until after March next year.
• Joint control: the definition of ‘joint control’ continues to be an issue. Under Australian merger laws, joint control could mean any minority interest where there is a shareholders’ agreement in place that determines the composition of the board or the conduct of the affairs of the target (even if individual shareholders do not obtain control or joint control). This means acquisitions of minority interests without ‘control’ may need to be notified if a shareholders’ agreement is in place and the monetary thresholds are satisfied. It is still not clear if or how the Government will amend this. Waivers could be sought in these circumstances.
• Global transaction threshold: a filing is required where the $250 million global transaction threshold is satisfied (as well as the combined $200 million Australian turnover threshold) if the target is ‘connected with Australia.’ There is no de minimis exception. We requested the Government add a $2 million target turnover minimum threshold to avoid the need to file where the target has no material presence in Australia. Despite this lobbying, we do not believe it is likely to introduce one at this stage. 

Timing

• 1 December 2025: deadline for last s189 applications. We understand the ACCC is not accepting further 189 applications except for extraordinary cases (distressed asset etc).
• 23 December 2025: ACCC closes for holiday period. We understand the ACCC will continue to work on existing notifications over its shutdown period, and engage in pre-notification.
• 1 January 2026: new mandatory regime commences for deals closing on/after this date. ACCC begins to accept waiver applications.
• 12 January 2026: ACCC formal timeline commences for new regime after holiday closure period.
• 1 April 2026: new voting power thresholds and asset thresholds apply to deals closing on/after this date.
• Australian Autumn (ie from March 2026) session of parliament: potential fixes to definition of ‘control’ and the automatic voiding of non-notified deals, plus possible other changes.

Water Corporation crews are continuing emergency repairs on a large water main supplying Dampier and Burrup.

The damaged section is a custom-made elbow joint that cannot be sourced locally or in Perth. It must be specially fabricated, which will take most of the day.

Repairs to the main are expected to continue throughout the day and into the evening.

There are a small number of commercial customers on the Burrup who are temporarily without water supply while we undertake repairs. We apologise to customers affected by this interruption.

To help extend water supply, we are working closely with industry to reduce water use and ask all Dampier residents to limit water use to essential purposes only.

For residential customers, please avoid:

• Using any outdoor irrigation or watering gardens and plants
• Washing vehicles, boats, or pets
• Leaving hoses running or hosing down pavements
• Topping up pools and spas
• Taking long showers (keep to four minutes)
• Using water-intensive appliances

Customers and residents may experience temporary low water pressure or water discolouration while repairs are being carried out.

Thank you for your assistance in reducing usage and for your patience as we work to restore services.

We are also progressing contingency supply options and will share more information soon.

For urgent concerns or assistance, please contact Water Corporation on 13 13 75 (available 24/7).

As one of the flagship events of Türkiye’s entrepreneurship ecosystem, Global Expansion Day took place earlier this month under Garanti BBVA’s sponsorship. This year’s edition stood out for its broader international footprint, with official delegations and innovation-focused business development organizations from 15 countries in attendance. The event gave entrepreneurs direct access to an expanded global network, helping them forge meaningful cross-border connections.

Delegations from Japan, the United Kingdom, Italy, Spain, Germany, Switzerland, and Singapore were joined by prominent organizations including Techstars, GITEXS, Sistem Global, IGNITERS Tech Law, Garanti BBVA Partners, GIRVAK, and La French Tech. With this lineup, Global Expansion Day further strengthened its position as one of the region’s most effective platforms for boosting the international growth of Türkiye-based scale-ups.

The agenda featured opening remarks by Garanti BBVA Executive Vice President Ceren Acer Kezik, followed by contributions from Techstars MEA & APAC Partnerships Director Steven Kinvi, Prof. Canan Dağdeviren of MIT Media Lab, and other prominent figures from the entrepreneurship ecosystem. Discussions focused on global scaling strategies, innovation-led growth, and the role of strong international networks in helping startups compete globally.

An entrepreneurship journey spanning 20 years

According to Acer Kezik, Garanti BBVA views entrepreneurship not only as a driver of economic growth but also as a force for cultural transformation. She pointed to the bank’s nearly 20-year track record of supporting entrepreneurs from the idea stage through to global expansion, and said Global Expansion Day is designed to bring founders together with the right investors and strategic partners to support their international growth: “Our goal is to build the right connections to take entrepreneurs from the local market to the global stage.”

The executive also noted that Garanti BBVA’s entrepreneurship strategy, which began with a focus on women entrepreneurs, has since expanded to include technology-driven scaleups. To date, the bank has supported close to 60 startups, with total investment volumes approaching $40 million, while its partnership with Techstars has helped connect Turkish entrepreneurs with global networks.

Now in its second year, Global Expansion Day further boosted the international visibility of Türkiye’s startup ecosystem. As part of the event, entrepreneurs took part in a structured B2B matchmaking program, with 24 selected scale-ups holding one-on-one meetings with investors and country representatives across sectors including artificial intelligence, generative AI, sustainability, fintech, marketing technologies, and cybersecurity.

Published on 23 December 2025

MidCoast Council’s Community Conversations program has finished for 2025, with strong attendance and open discussion across many towns and villages in the region.

Mayor Claire Pontin said the program helps Council connect with the community and understand what matters most to local areas.

“Community Conversations are about strengthening the collaboration between Council and communities,” Mayor Pontin said.

“They help us build understanding, hear local concerns and work together on shared priorities.”

During 2025, Community Conversations were held at 18 locations. Larger towns hosted two sessions, while smaller villages hosted one. A total of 647 people attended.

Each session included presentations from Council’s General Manager and Directors, followed by time for questions and discussion. Information was tailored to each location, covering both region-wide issues and local topics.

The second round of sessions took place in October and November 2025. These sessions included updates on flood recovery, as well as information on local and regional projects.

Community members raised a variety of topics, including drainage and flood recovery, road conditions, potholes, bridges and footpaths, coastal erosion, planning and development, and public amenities.

Council’s presentation focused on three main priorities: improving roads, achieving long-term financial sustainability, and improving the customer experience.

Council explained the challenges in managing assets, such as roads and buildings, across their full lifespan. MidCoast Council is responsible for 3,643 kilometres of roads. This is the second largest road network in NSW. Many other council road networks are considerably smaller. 

Council estimates an extra $34.5 million per year is needed to bring the road network up to a good standard.

Council reviewed its operations to reduce costs and increase efficiency. As a result, an additional $6.7 million was redirected to road works in 2025-26.

Some of the efficiency improvements over recent years included the closure of Nabiac Library, the divestment of MidCoast Assist, improving returns from Council-owned properties, increased fees and charges to cover the full cost of services, increased use of technology to reduce operational costs, and the decision to review developer contribution plans.

Mayor Pontin acknowledged that some of these decisions have been difficult for the community but emphasised that it’s important to face the difficult reality that MidCoast Council’s roads will get worse without a significant increase in investment.

“Like many councils across Australia, MidCoast Council is facing a number of challenges including decades of underfunding on road maintenance, the rising costs of materials, reduced federal government funding, cost shifting by State governments, and the impact of extreme weather,” explained Mayor Pontin.

“We are strongly advocating for changes that would reduce the burden on regional councils and ratepayers. However, for now, we need to do the best we can with what we’ve got.

“It’s important that community members understand the broader issues affecting local government, and I thank all those who attended a Community Conversation this year.”

Feedback showed that community members valued the chance to speak directly with Councillors and staff, receive updates and raise concerns.

A number of communities raised concern about speed limits. Council reminds residents that speed limits are set by Transport for NSW, not Council. Views on speed limits can be submitted through the Transport for NSW website at https://www.transport.nsw.gov.au/roadsafety/topics-tips/speeding/have-your-say/speed-limits-have-your-say

Things that need fixing, issues and requests can be reported to Council through the Report and Request service at https://www.midcoast.nsw.gov.au/Contact-us/Report-and-request

 

23 December 2025: We are fulfilling our commitment to make additional goodwill adjustments following ASIC’s Better and Beyond Report (Report 811). 

In early February 2026, CBA will commence making further goodwill payments to the value of approximately $68 million to relevant concession customers who have incurred unusually high fees. Customers don’t need to do anything – we’ll contact eligible concession customers. 

CBA’s total goodwill payments will rise to approximately $93 million, including the approximately $25 million already paid in response to ASIC’s Better Banking for Indigenous Consumers Report (Report 785). 

Once payments have been made, we expect CBA’s combined goodwill payments to be higher in dollar value than the cumulative payments of any other bank in response to ASIC’s Reports 785 and 811. 

Supporting a diverse group of customers

Concession customers are a large and diverse group with different financial circumstances and requirements.

Some concession customers make a choice to use different banking options. Some of them choose our Streamline Basic account, which is CBA’s basic account, and others opt for accounts offering extra features and benefits, which can incur additional fees. Customers are informed of their options and the terms and conditions of accounts are available to customers prior to them making a choice and opening an account. Each year, we take steps to contact identified eligible concession customers about the availability of the Streamline Basic account.

Our commitment 

CBA remains committed to delivering products and services for a broad range of customer needs and providing sustainable, full-service banking for all Australians.  

 

An oral formulation of semaglutide has received United States Food and Drug Administration approval for a new drug or biologic under the Prescription Drug User Fee Act.

The University of Alabama at Birmingham served as one of the clinical trial sites, led by W. Timothy Garvey, M.D., professor in the UAB School of Health Professions.

Researchers found that oral semaglutide is nearly as effective as the widely used injectable version for treating obesity, delivering about 13.7 percent average weight loss over 64 weeks. The Phase 3 OASIS-4 trial compared a 25 mg once-daily pill to placebo alongside lifestyle counseling and showed significant improvements in blood pressure, cholesterol, blood sugar and inflammation.

Side effects, primarily gastrointestinal, were consistent with other GLP-1 medications and led to discontinuation in only about 5 percent of participants.

“The oral option could improve long-term adherence by offering patients a non-injectable alternative with similar metabolic benefits,” Garvey said. “We need ways to keep patients on these medicines long term, and an effective oral preparation could help us do that.”

At UAB, Garvey holds the C. E. Butterworth Endowed Professorship in the Department of Nutrition Sciences and is a University Professor in the School of Health Professions.

Funding for the OASIS-4 clinical trial was provided by Novo Nordisk.