Shadow Assistant Minister for Competition, Charities and Treasury, Senator Dave Sharma has accused the Albanese Government of bungling the rollout of its new mergers and acquisitions notification regime, leaving businesses and investors without certainty or confidence just months before it becomes mandatory.

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“The Coalition warned from the start that this government was not up to the task of implementing this regime in an orderly and transparent way,” Senator Sharma said. “Now, with the new laws already in effect, the government is still tinkering with the rules.”

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Under Labor’s plan, the new mergers and acquisitions notification scheme began as a voluntary system on 1 July and is due to become mandatory from 1 January.

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However, it was revealed during Senate Estimates, under questioning from Senator Sharma, that the government is considering changes to the regulations underpinning the scheme, and that further problems may require amendments to the primary legislation itself.

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“How can the business and investment community have any confidence in this regime when the Government is still rewriting it on the run?” Senator Sharma said. “Businesses cannot plan, lawyers cannot advise, and investors cannot proceed until they know what the law actually is.”

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“Words in a press release are not law. The Government must release the proposed wording of any regulatory changes now, and if the primary legislation needs amendment, Parliament must deal with it as soon as possible.”

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“This is another example of a government that over-promises and underdelivers, and a Treasurer more interested in headlines than getting the detail right.”

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Questions the Government must answer today:

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1. What are the exact changes being proposed to the regulations, and when will they be released?

2. Is the Government considering amendments to the primary legislation, and when will this occur?

3. How can the business and investment community have confidence in a regime that is still being rewritten months before it takes effect?

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