Sims to press for tougher merger laws

The AFR reports that Sims will press the federal government for tougher merger laws, including changes to shop big banks buying emerging fintechs. Specific proposals are expected in 2021.

This follows Sims’ address to the National Press Club in which he stated:

… in the instances where we have ended up in litigation the reality is that we haven’t won outright in a contested merger case since the current substantial lessening of competition test was introduced in 1992.

…

We will put forward ideas for changes to our merger laws in 2021. This will trigger an important debate.

See John Kehoe and Jemima Whyte, ‘Stop banks buying fintechs: ACCC’ (AFR, 21 October 2020)