The Australian Competition and Consumer Commission (ACCC) has launched previously announced reforms to its merger control framework, along with its long-awaited thresholds for compulsory notifications of proposed transactions. The new notification regime is available now as an optional "transition period" (effective from 1 July 2025) but will become mandatory on 1 January 2026. 

The new regime introduces several critical developments: 

1. Voluntary formal notification: businesses may now formally notify the ACCC of proposed transactions. The informal regime remains available until 31 December 2025, but parties seeking clearance under that system must act swiftly. Any informal reviews not concluded by 31 December 2025 will trigger the requirement for re-notification under the new system. To manage this timeframe, the ACCC has provided a soft submission deadline of 30 September 2025 for all informal notifications under the current regime.  

2. Defined financial thresholds: the new regime applies to transactions which are connected with Australia and meet specific thresholds. These include: 

Acquisitions resulting in large corporate groups 

(a) Combined Australian revenue of merger parties exceeds $200 million (including connecting entities, as of the contract date); and 

(i) the target business or assets being acquired have an Australian revenue exceeding $50 million; or 

(ii) the transaction has a market value of, or the consideration paid exceeds $250 million 

Acquisitions by very large corporate groups 

(b) the acquirer has Australian revenue in excess of $500 million (including connecting entities, as of the contract date); and 

(c) the target business or assets being acquired have an annual Australian revenue exceeding $10 million (including connecting entities, as of the contract date). 

Creeping or serial acquisitions 

Medium to large sized mergers 

(a) combined Australian revenue of the parties exceeds $200 million; and 

(b) cumulative Australian revenue from similar acquisitions in the previous three years was at least $50 million (including by connected entities as of the contract date but excluding acquisitions which were previously notified to the ACCC). 

Large acquirers 

(a) the acquirer has Australian revenue that exceeds $500 million; and 

(b) total Australian revenue from similar acquisitions in the previous three years was at least $10 million (including by connected entities as at the contract date but excluding acquisitions which were previously notified to the ACCC). 

Acquisitions of entities with revenue of less than $2 million are excluded from this assessment. 

3. Refined jurisdictional test: the “connection to Australia” test now focuses exclusively on entities actively conducting business in Australia, excluding those which may only have future intentions to enter the mark

4. Enhanced transparency: the ACCC’s Merger Register will publish detailed information on notified transactions, including:  

(a) the parties' identifying information;  

(b) non-confidential summaries;  

(c) determinations (including the ACCC's statement of reasons); 

(d) a copy of any Phase 2 notice (if applicable) 

(e) waiver decisions, and consultation updates. 

5. Introduction of filing fees: a new fee structure has been implemented, with exemptions available for small businesses (defined as those with aggregated turnover of less than $10 million in the previous financial year, or where the aggregated turnover for the current financial year is likely to be less than $10 million.) 
 
The filing fees are: 

(a) Notification waiver application = $8,300;  

(b) Phase 1: Notification of proposed acquisition = $56,800;  

(c) Phase 2: applicable if the transaction proceeds to this stage, with fees to be tiered based off of total transaction value: 

$50 million or less = $475,000 

more than $50 million and less than $1 billion = $855,000 

more than $1 billion = $1,595,000 

(d) Public benefits application (if applicable) = $401,000 

For clients and dealmakers, the implications are immediate and material: 

1. Transaction planning: parties must make an early assessment whether the proposed acquisitions is likely to exceed any of the new thresholds and determine the appropriate notification pathway. 

2. Timing sensitivity: Transactions requiring clearance in 2025 should be submitted promptly. Delays beyond 30 September may result in procedural resets resulting in additional delay and cost. 

3. Transparency and strategy: the now more public nature of the ACCC’s review process necessitates careful preparation of non-confidential summaries and strategic communication planning. 

4. Cost considerations: filing fees introduce an adjusted financial dimension to merger clearance, particularly relevant for mid-market transactions. 

5. Global alignment: the regime brings Australia closer to international norms. The ACCC asserts that it will provide greater predictability for offshore clients. 

Australia’s new merger regime represents a significant evolution. While the system remains voluntary (until 1 January 2026, when notification of transactions that surpass the notification thresholds will become compulsory) it encourages early engagement and strategic planning. We await further guidance from the ACCC on the compulsory regime and will publish an update setting out the key points (and any changes to the voluntary regime) in due course. Please reach out to our Corporate & Commercial team should you wish to discuss how these changes may impact your transaction planning or require tailored advice.