Federal Treasurer Jim Chalmers is the last hurdle for ANZ to overcome in finalising its $4.9 billion takeover of Suncorp’s banking business, after Queensland’s parliament changed laws allowing the deal to proceed late on Friday.

Financial Sector Union president Wendy Streets said the union was against industry consolidation that may hurt competition, but “given the regulators and the appeal process, we don’t think the treasurer has much room to move on approving this one”.