What was the challenge?
In 2022, ANZ Bank applied to the ACCC for authorisation of its attempted acquisition of the small, regional bank owned by Suncorp. Frontier Economics was retained by Ashurst, the lawyers for ANZ, to provide expert advice to the proceedings. In particular, concerning the likely effects of the acquisition on competition in various markets.
Using his decades of expertise, particularly in two sub-fields of economics: (i) industrial economics; and (ii) law and economics, Dr. Philip Williams was asked to provide advice on:
- What economic principles should be used to define the markets relevant to assessing the likely competitive effects of the Proposed Transaction, in relation to the supply of banking products in Australia?
- Applying the relevant economic principles identified, what are the relevant product and geographic dimensions of the markets, for the purposes of assessing the likely competitive effects of the Proposed Transaction in relation to the supply of banking products, and specifically commercially banking products, in Australia?