In this edition, we examine refinements to notification requirements and expansions to mandatory notification exemptions for the new mandatory merger control regime under the Competition and Consumer Act 2010 (Cth) (CCA) commencing on 1 January 2026. We also look at the introduction of a beneficial ownership register for unlisted companies and calls from an industry coalition to overhaul corporations and financial services laws to drive productivity.
In Over the Horizon, we consider the Federal Minister for Environment and Water’s commitment to streamline environmental assessments under forthcoming Environment Protection and Biodiversity Conservation Act 1999 (Cth) (EPBC Act) reforms and what a single‑track approvals model could mean for project delivery.
Regulatory
Treasury to refine notification requirements and expands exemptions for new merger regime
On 15 October 2025, the Federal Government announced that it will refine the initial notification requirements and include new, wider exemptions from mandatory notification ahead of the new mandatory merger control regime commencing under the CCA on 1 January 2026. The changes aim to ensure that the legislative framework is targeted and risk‑based, and to reduce regulatory burden for low-risk transactions while maintaining the key objectives of a faster, more transparent regime. Key changes include:
Expanded exemptions for low-risk business activities in areas such as residential property development, retail trade and financial markets.
Exempting leases and other acquisitions of interests in land in the ordinary course of business, unless subject to targeted notification requirements.
Simplifying the approach to monetary thresholds for asset acquisitions.
Streamlining notification obligations around serial acquisitions.
Clarifying and expanding existing exemptions applicable to financial market activities.
The government stated it will continue to work with stakeholders and the Australian Competition and Consumer Commission on the detailed design of the changes to ensure the new merger control regime is fit for purpose when it commences on 1 January 2026.
Federal Government to introduce beneficial ownership register for unlisted companies
On 15 October 2025, the Federal Government announced it will proceed with implementing a public, Commonwealth‑operated beneficial ownership register for unlisted companies. The initiative is expected to increase transparency and support stronger regulatory and law enforcement responses to tax and financial crime facilitated by complex legal structures and arrangements. However, implementation of the proposed reforms will take some time. The government expects to engage with stakeholders to further progress policy development work from early 2027, with public consultation to follow afterwards. This timing is expected to align with the Australian Securities and Investments Commission’s timetable to stabilise and build the capacity of the existing companies register. As noted in our G+T Insight on related exposure draft legislation released in November 2024, the proposed reforms may well have an effect which reaches far beyond their corporate taxation and financial crime prevention policy background. Time will tell whether enhanced transparency and corporate accountability will offset the potential for increased administrative burden on market participants.
Broad coalition urges restoration of expert body to overhaul corporations law
On 16 October 2025, the Australian Institute of Company Directors (AICD) reported that the Corporate Law Reform Alliance (Alliance) (a coalition of professional associations, business groups and academics with an interest in corporate law reform of which the AICD is a member) has called for the Commonwealth to establish a standing expert body, similar to the former Corporations and Markets Advisory Committee (CAMAC), to drive holistic reform of Australia’s corporations and financial services laws to lift productivity. The Alliance points to the Australian law Reform Commission’s finding that the Corporations Act 2001 (Cth) (which includes financial services law), is overly complex, unclear and hard to administer. It argues that a ‘CAMAC 2.0’ would provide an independent, non‑partisan body of expertise to improve legal design and holistic corporate reform proposals. The Alliance notes that businesses are already facing ‘grand challenges’ across a complex landscape, from AI to environmental and productivity challenges and geopolitical instability, and that tying up boards with complex compliance and reporting obligations risks making Australian organisations less competitive and productive. A reform roadmap of this kind could signal potential shifts in directors’ duties, disclosure and governance settings, making policy engagement a priority for boards. Boards may wish to contribute to upcoming consultations to help inform future submissions by the Alliance.
Over the Horizon
EPBC Act proposed reforms point to single assessments, faster approvals and ministerial accountability
On 15 October 2025, the Federal Minister for Environment and Water, the Hon Murray Watt, suggested during a doorstop interview in Perth, that the WA Government was committed to support his proposal to remove duplication between federal and state environmental assessments, aiming to speed up decisions under upcoming proposed reforms to the EPBC Act. While no draft legislation has yet been introduced, it is envisaged that a bilateral arrangement may be introduced to enable one assessment to satisfy both jurisdictions while preserving strong environmental oversight. Mr Watt noted that modelling conducted by his department indicates potential savings of up to $7 billion from streamlined processes and that he expects to introduce draft laws into Parliament in around late November 2025. Directors should note the key risks and opportunities these reforms present.