Treasurer Jim Chalmers last holds out on $4.9 billion ANZ/Suncorp mega-merger

Federal Treasurer Jim Chalmers is the final hurdle for ANZ to clear in completing its $4.9 billion takeover of Suncorp’s banking business after the Queensland Parliament changed laws to allow the deal to go ahead late on Friday.

Financial Sector Association president Wendy Streets said the union opposes industry consolidation that could harm competition, but “given the regulators and the appeals process, we don’t think there is much room for the treasurer to approve this consolidation.”