Good afternoon. ANZ’s controversial acquisition of Suncorp’s banking arm will go ahead after a tribunal overturned the ACCC’s rejection of the proposed merger.
The Australian competition tribunal found the $4.9bn merger represented a “net public benefit”. The decision comes amid increased scrutiny over a lack of competition in several sectors, including banking. Australia’s big four banks control 72% of the industry and have been recording mammoth profits during the current cost of living crisis.
