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Govt should abandon competition test

Tony Ryall National Commerce Spokesperson

18 October 2001

Govt should abandon competition test

The Government's attempt to harmonise with Australia's mergers and acquisitions regime has backfired, with the Australians planning to adopt New Zealand's previous 'market dominance test', National's Commerce spokesman Tony Ryall said today.

"On Tuesday, John Howard said Australia would abandon its 'substantial lessening of competition' test for mergers and acquisitions. New Zealand changed to this test only three months ago.

"Labour should abandon its changes to the Commerce Act. The Australians have realised that their competition test inhibits economic growth, and adds to compliance costs.

"New Zealand is a much smaller economy than Australia. If the competition test won't work for them, then it certainly won't work for us.

"National sought to amend the Commerce (Clearance Validation) Bill to re-implement the market dominance test in the debate in Parliament this afternoon, but the Government parties voted against the amendments," Mr Ryall said.

Ends

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