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EFN422 Al Essay Assignment (2024 S1) ANZ-Suncorp Merger Background ANZ, NAB, Westpac and Commonwealth Bank have dominated the Australian retail banking industry. In the home load market, for example, Ernst & Young estimated that the major banks held about 80% of all home loans with the big 4's enjoying a lion market share of 75% in 2023 (Stewart 2023). In July 2022, ANZ announced its plan to purchase Suncorp Bank with an intention to grow its retail and commercial business in Australia. On August 4, 2023, after assessing the circumstances associated with the merger application, the ACCC (2023) rejected the 4.9 billion acquisition, stating that: \"These banking markets are critical for many homeowners and for Queensland businesses and farmers in particular, Competition being lessened in these markets will lead to customers getting a worse deal.\" Former ACCC Chair Allan Fels was in support of this decision (Ross 2023). However, ANZ rejected ACCC's argument, stating that market transparency and the current regulatory regime has already in place sufficient mechanism to foster a high level of banking competition. It vowed to continue its fight and appeal against ACCC's decision. On 20 February 2024, the Australian Competition Tribunal upheld ANZ's appeal and gave the acquisition the green lights. The merger 1s expected to complete by mid-2024 subject to further legislative approvals at the state and federal levels. Task What are the pros and cons of the proposed merger? Using appropriate economic concepts, theories and data, critically evaluate ACCC's rejection of the acquisition and the Australian Competition Tribunal 's decision to overrule the ACCC''s decision. Notes: * You will be assessed on your application of relevant economic concepts and theories to critically examine the key issues. A pure descriptive account is insufficient to get you a high grade. * There is no definitive answer to this topic. What matters most 1s how well you structure and support your argument with evidence