The BCA has lodged its submission to the government’s discussion paper Creeping Acquisitions – The Way Forward.
The BCA considers that no compelling case has been made for new laws on creeping acquisitions. No economy-wide ‘problem’ of creeping acquisitions has been identified.
The submission notes that if enacted, either of the changes outlined in the government's discussion paper could adversely affect the overall business environment in Australia, and make our economy less attractive as an investment destination.
The submission proposes that if there are industry sectors that are of concern to the government, then it would be appropriate for the Productivity Commission to conduct a specific review of those concerns. We continue to press for this non-regulatory alternative.
This submission follows a number of recent representations by the BCA on this issue, including submissions on 25 July 2008 and 13 October 2008.