Assessing the first 100 days of Australia's new merger regime
Australia’s new merger control regime has been in force since 1 January 2026, with the ACCC noting it is ‘off to a positive start’.
So, what does that mean for dealmakers in practice? We take a close look at the first 100 days of the regime to assess how it’s functioning.
This article provides a data-led review of the period from 1 January to 11 April 2026, drawing on the ACCC’s acquisitions register and our internal monitoring tool, which tracks filings and generates insights.
Key insights
- Despite the number of filings being higher than initially expected, early indicators suggest the regime is functioning efficiently and as intended, with the waiver channel carrying much of the heavy lifting. The ACCC is meeting its goal of deciding 80 per cent of filings within 20 business days, providing confidence for deal timelines.
- Sectors to watch: technology and digital services are expected to continue dominating filings, unless the Minister overhauls the thresholds and exemptions. We also anticipate steady activity across financial services, manufacturing, healthcare and selected energy deals where strategic assets are in play.
- Waiver determinations are published only after a decision has been made. Waivers have generally been granted where the parties had little or no horizontal overlap in the products or services they provide, and no, or only very limited, vertical relationships.
- Preparation is key. In our experience, higher-quality submissions help the ACCC reach a decision, which may positively impact processing times. Parties should allocate sufficient resources early and engage specialist competition lawyers – and where necessary, economists – to prepare filings. The most time-intensive phase is gathering the facts and data needed to prepare the draft submission. This process can and should run in parallel with the lead-up to signing, so that filings can be formally lodged at or shortly after signing, keeping delays to completion to a minimum.
Overview
During the first 100 days, there were 157 filings in total, comprising both notifications and waiver applications. When designing the regime, Treasury anticipated around 300 [1] filings per year. At the current pace, the implied annual run rate is roughly 560–570 – almost double the original expectation.
So what does this tell us? As expected, parties are actively engaging with the new regime. With waiver applications accounting for almost 63 per cent of total filings, it may be the case that parties are erring on the side of caution and adopting a disclosure-forward approach – consistent with the policy goal of the new regime.
Filings by industry sector
The top industry sectors by number of filings are:
- Manufacturing (approx. 37 per cent)
- Professional, scientific & technical services (approx. 31 per cent)
- Information media & telecommunications (approx. 24 per cent)
- Financial & insurance services (approx. 22 per cent)
This likely reflects the volume of deals in the professional and financial services industries – which can include funds management and private equity acquisitions – as well as the typically high revenues or transaction values in asset-heavy sectors.
Decision outcomes
Approval rates are high, suggesting that the regime is working as intended. While many transactions require notification or a waiver application, the ACCC is focusing its in-depth assessment on those raising genuine competition concerns.
Of the 59 notifications filed, only one acquisition is currently in Phase 2 review. A further 22 notifications remain under assessment, while 37 have been approved. Two further Phase 2 cases – Coles’ supermarket acquisition in Kalgoorlie, WA, and the Ampol-EG merger – were filed during the transition period in 2025 and are not included in these figures.
Of the 98 waiver applications, 91 have been granted – an approval rate of almost 93 per cent.
To date, no Phase 1 notification approvals have been granted subject to conditions.
Processing times
A key concern prior to the new regime centred on the ACCC’s resources relative to the ambitious statutory timeframes and its stated aim of deciding around 80 per cent of reviews within 15-20 business days.
For completeness, it should be noted that 15 business days is the earliest point at which the ACCC may make a determination on a notification, while no equivalent timeframe applies to the determination of waivers.
So how is this playing out in practice? The data shows that despite an influx of applications, the ACCC is achieving its goal: Within the first 100 days, the ACCC has determined:
- 78 per cent of notifications within 20 business days;
- 95 per cent of waiver applications within 20 business days (and 37 per cent of waiver applications within less than 10 business days);
- 90 per cent of all filings within 20 business days.
These figures relate to matters that have been determined. As at 11 April 2026, 83 per cent of pending notifications have been pending for fewer than 20 business days.
The median decision time is 17 business days for notifications and 12 business days for waivers – well within the ACCC’s targets and a positive sign for merger parties and dealmakers.
The slowest Phase 1 review – at 39 business days – concerned the merger of CVS Group and Pittwater Animal Hospital [2] . In that case, the parties applied for an extension of 10 business days, which the ACCC granted. The merger was ultimately approved, demonstrating that a longer assessment period does not necessarily indicate a negative outcome.
The first 100 days suggest the new regime is operating efficiently, with strong early indicators on timing and outcomes. However, higher-than-expected filing volumes and the central role of waivers reinforce the importance of early planning and a considered filing strategy.
If you would like to discuss what this means for your business or upcoming transactions, please get in touch with our team.
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