House debates Trade Practices Legislation Amendment Bill (No. 1) 2005

Consideration of Senate Message

Thursday, 19 October 2006 House of Representatives

Joel Fitzgibbon

Joel Fitzgibbon Hunter, Australian Labor Party, Shadow Assistant Treasurer and Revenue

4:15 pm

Why does it constrain the ACCC? Because the Treasurer is providing the ACCC with a very limited time period on which to make its assessment—I think it was 30 or 40 business days. The Fielding amendment extends that period.

There is one thing I would like to ask the Treasurer this afternoon about his changes, as he interjects. I ask the Treasurer whether or not an ACCC clearance for a merger proposal can be revoked under the new law, as it was always able to be revoked under the old law. In other words, if the ACCC clears a merger proposal and down the track the ACCC comes to the conclusion that the merger outcome is now having a detrimental impact on the Australian economy, can the ACCC revoke that formal clearance approval? (Time expired)

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