There is something about the merger reform debate that makes me wonder if Lewis Carroll, the author of Alice in Wonderland, is involved. For those who have been around competition law long enough, the debate feels upside down.

Just over 20 years ago, the business community was up in arms about the ACCC’s merger review process. Amid concerns about timing and transparency, there was a concerted push to move away from the ACCC’s “informal” process to a legislated regime.