The Commercial Bar Association of Victoria Inc. A0120851O
On 8 December 2020, the High Court of Australia dismissed the ACCC’s application for special leave to appeal the decision of the Full Court of the Federal Court that Pacific National’s (PN) acquisition of the Acacia Ridge terminal (Terminal) from Aurizon would not be likely to substantially lessen competition.
The Full Court of the Federal Court’s recent decision on Pacific National’s proposed acquisition of the Aurizon’s Acacia Ridge rail terminal sheds light on the interpretation and application of s 50 of the Competition and Consumer Act 2010 (Cth), and the use of undertakings in merger litigation.
This note examines current issues in the application of competition law to non-horizontal mergers, with particular reference to the recent decision of the Federal Court in the Pacific National case, and the arguments raised in the appeal to the Full Court.
For ACL buffs, Treasury’s current Consultation Regulation Impact Statement is a doozy. Reading between the lines, it seems to suggest that unfair contract terms may soon be outlawed once and for all.
Financial services providers take note: the Full Court of the Federal Court has shifted the distinction between personal and general advice, and indicated that sharp practice that disadvantages consumers will not be tolerated.
The High Court recently split on the test for statutory unconscionability, as well as deeper questions about whether vulnerable consumers can (or should be allowed to) consent to exploitative arrangements and how mainstream Australian culture interacts with indigenous cultures and norms.