The merger and acquisition laws received a minor amendment, in regard to an extension of time, and the ACCC now has a further 20 business days to assess complex mergers. We needed still more time as this will continue to place inordinate pressure on the ACCC, which is the watchdog for competition and protects small business in Australia. This amendment came from pressure applied and mirrored, except in duration, one moved by myself which was for an extension for 80 days.

It was surprising the argument, that the ACCC has been circumvented in its process, has been concurred with by the Senate, in that this amendment passed without incident. The Queensland Nationals agreed to a unanimous resolution that the powers of the ACCC should be increased to deal with media mergers. Unfortunately, we have still reduced the ACCC’s role in mergers and acquisitions and it is essential for small business, Australia and diversity in the media that this be redressed.

It has to be clear the amendment that was debated was on mergers and acquisitions and not collective bargaining, which was passed by the Senate over a year ago. Any doubt on this issue should be cleared by referral to the Hansard.

My role in the Senate is to do the best for Queensland Small Business on the mergers and acquisitions issue. The role of the ACCC, in stopping big business becoming enormous, is essential to this process. It was one of the four key issues upon which was preselected and elected and, I have a duty to pursue it.