21st Nov 2024, 10:02 AM – Representatives Treasury Laws Amendment (Mergers and Acquisitions Reform) Bill 2024 - Report from Federation Chamber - Coalition amendment

The majority voted against an amendment to the usual second reading motion, which is "that the bill be read a second time" (parliamentary jargon for agreeing with the main idea of the bill). The amendment was introduced by Hume MP Angus Taylor (Liberal).

Amendment text

That all words after "That" be omitted with a view to substituting the following words:

"whilst not declining to give the bill a second reading, the House notes:

(1) the government has failed to recognise competition risks and sector-specific challenges within the supermarket, hardware, and aviation sectors, and failed to make meaningful progress on the Consumer Data Right, and News Media Bargaining Code;

(2) the Coalition support strong competition policy and the principle of an aligning our merger laws with international best practice; and

(3) the Coalition has concerns about this legislation, namely:

(a) the feasibility of scaled pre-approval and the risk for cost blowouts for the ACCC;

(b) the impact on business activity, innovation—particularly for SMEs and start ups;

(c) the compliance burden being imposed across the economy, compared to targeted and structural ex-post remedies; and

(d) the need to balance regulatory action with market confidence".