Australia's consumer watchdog, the ACCC, will change Australian merger laws, it is the most substantial reform in 50 years. Mergers can lead to monopolies and price increases. Last year saw over 1400 mergers, with half involving major businesses absorbing smaller ones. The ACCC aims to ensure fairness for consumers and businesses. New laws effective in 2026 will require companies proposing mergers above a certain value to inform the ACCC and prove their benign nature. Despite opposition from some companies, the ACCC believes the changes will benefit Australian businesses and consumers by guaranteeing fair competition and preventing monopolistic practices.
Vocabulary:
• A merger (noun): When two companies join together to become one company.
• A watchdog (noun): An organization or group that keeps an eye on things to make sure they are safe or fair.
• A bunch of: a lot of.
• Mumbo Jumbo (noun): Complicated language that is hard to understand.
• Gobbling up (verb): Eating something quickly and eagerly.
• Greedy (adj): Wanting more of something than is needed or fair.
• To crank up (verb): To increase or raise something, such as volume or intensity.
Source: Behind the News Youtube channel.