Queensland wants its voice heard in battle over ANZ-Suncorp deal

First, the state government wants to make sure the tribunal places the right amount of weight on the public benefits; its view here may well have been influenced by the Australian Competition and Consumer Commission’s recent approval of Brookfield’s acquisition of Origin Energy, which was decided on public benefit grounds.

Second, the government would like to make it clear to any other potential buyers of Suncorp’s bank that they will need to strike a similar deal to convince the government to make the legislative changes required to allow the deal.

Whether the government decides to appear during the week of legal argument scheduled for mid-December remains to be seen. It may believe its affidavit is enough.

But Suncorp, which is desperate to get this deal done and become a pure-play insurer, will be pleased that it has got the Queensland government’s vocal support.

CEO Steve Johnston will be hoping the tribunal considers the transition of Australia’s insurance sector to a stronger footing is as important as the ACCC thought the energy transition was in the Brookfield case.

The tribunal is due to announce its decision in the third week of February.