The Financial Services Council (FSC) Conference in Auckland brought together policymakers, regulators and industry leaders under the theme Transforming for Tomorrow. The political keynote from Economic Growth Minister Nicola Willis referenced OECD's Revamping competition in New Zealand report and hinted at the competition law reforms announced this month. Willis' speech argued that changes to competition settings in New Zealand are critical to encourage growth, innovation and productivity.

Shortly after the FSC conference, the Government announced its Going for Growth: Competition Reform package. The key message for businesses is that New Zealand’s competition law framework is on the cusp of major reform.

With draft legislation expected before Christmas and passage targeted for mid-2026, these reforms will reshape how mergers, collaborations and pricing strategies are assessed. Businesses should begin considering the implications now, as the direction of travel is clear.

Stronger merger control powers

The Commerce Commission will be equipped with enhanced powers to review mergers, including serial and so-called “killer” acquisitions. The substantially lessen competition (SLC) test will be redefined, a change that is intended to bring greater certainty but will inevitably raise questions during its early application.

It is positive to see that businesses will now be able to offer voluntary behavioural undertakings to address competition concerns, bringing New Zealand's regime in line with other jurisdictions, including Australia. Voluntary undertakings can provide a more flexible path to regulatory approval.

Greater protection for confidential information

The reforms introduce stronger safeguards for confidential information provided to the Commerce Commission. This should encourage more open engagement with the Commerce Commission during regulatory processes and give businesses greater confidence when handing over confidential and commercially sensitive material.

In our view this is a welcome change. As other commentators have observed, the Official Information Act 1982 (OIA) is not fit for purpose in this context, and we are aware of many businesses that are reluctant to share information with the Commerce Commission that may later be subject to disclosure under the OIA.

Streamlined approvals for collaboration

The current regime for competitor collaboration is perceived as being costly, cumbersome and, consequently, is under-utilised.

The Government’s proposed framework seeks to simplify and accelerate the approval process where cooperation is demonstrably beneficial, such as in joint logistics, shared R&D, or sustainability initiatives. If implemented as signalled, this change could remove barriers that have deterred legitimate and efficiency-enhancing partnerships.

Clarification on predatory pricing

Predatory pricing has long been a contested area. The reforms introduce an objective test to determine when pricing below cost breaches the Commerce Act. This will not capture ordinary short-term promotions, but it is expected to give the Commission a firmer basis for addressing pricing strategies designed to exclude competitors. Businesses will want to ensure their discounting practices are clearly defensible under the new test.

Expanded enforcement powers and governance review

The Commission will be able to seek performance injunctions from the High Court, enabling courts to order corrective action where unlawful conduct has occurred. This represents a meaningful expansion of available remedies, shifting enforcement beyond simply halting conduct to actively requiring compliance measures.

The Government has also signalled changes to the Commission’s governance arrangements, following Dame Paula Rebstock’s review, to ensure its structures and processes support effective and timely decision-making.

A fast-moving timeline

The Government intends to move quickly: draft amendments to the Commerce Act are expected before Christmas, consultation will take place in early 2026, and legislation is targeted for passage by mid-2026. This compressed timeline means businesses should be preparing now, particularly if they are considering transactions or collaborations in the next 18 months.

Preparing for change

The reforms represent the most significant shift in New Zealand’s competition law in years. Businesses contemplating M&A activity, industry collaborations or aggressive pricing strategies should begin assessing how their current and planned arrangements might be viewed under the new framework.

At Anthony Harper, we will continue to track the legislative process closely and provide updates as the details emerge. In the meantime, if you would like to discuss the potential implications for your sector, our experts would be pleased to assist.