Urban Development Institute of Australia (UDIA) welcomes the practical changes announced by the Federal Government to ensure the mergers notification for anti-competitive behaviour operates effectively.
UDIA has supported the ACCC’s mission to prevent anti-competitive impacts from mergers and acquisitions as a critical way to ensure the appropriate operation of markets.
“Our industry is pleased that the Government has listened to our Members’ concerns and made changes that will enhance the ACCC’s ability to combat anti-competitive behaviour without undermining housing supply,” said Col Dutton, UDIA National President.
Of particular importance is getting the thresholds and notifications right in order to ensure the ACCC is not missing critical activities, swamped by irrelevant notifications, nor inadvertently undermining housing projects and businesses.
From advice and consultation with industry, and in line with UDIA recommendations, land acquisitions involving residential property development and certain commercial property acquisitions won’t be included to avoid clogging up the system with simple land purchases unless they are captured by additional targeted notification requirements.
“Government’s exclusions will allay our Members’ fears and give industry confidence in ACCC’s ability to appropriately safeguard against anti-competitive behaviour to ensure that everything works as Government intends,” said Mr Dutton.
We look forward to collaborating with Government on the creation of a new regime that more efficiently and effectively targets mergers that are anti‑competitive, while allowing mergers that are pro‑competitive to proceed faster.
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Media Enquiries:
Deanna Lane | Director, National Media & Communications | 0416 295 898 | media@udia.com.au