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The Australian Financial Review

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2.236h1.328zM94.254.88h1.201l1.73 3.359V.88h1.053v5.305H97.2l-1.895-3.628v3.628h-1.052zm71.371-.006c1.365 0 2.496 1.19 2.496 2.624 0 1.433-1.131 2.623-2.496 2.623s-2.495-1.19-2.495-2.623 1.13-2.624 2.495-2.624"></path></svg></a><script type="application/ld+json">{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","item":{"@id":"https://www.afr.com/policy","name":"Policy"},"position":1},{"@type":"ListItem","item":{"@id":"https://www.afr.com/policy/economy","name":"Economy"},"position":2}]}</script><ul class="_741f9bdccbe45c6b5797"><li class="_90b3125353b062c9f570 _956690f22373b593d126" data-testid="breadcrumb-label">Exclusive</li><li class="_90b3125353b062c9f570" data-testid="breadcrumb-category"><a class="_3764f7449fdd83320b98" href="/policy">Policy</a></li><li class="_90b3125353b062c9f570" data-testid="breadcrumb-category"><a class="_3764f7449fdd83320b98" href="/policy/economy">Economy</a></li></ul><h1 class="a5e47a5d482238319094">Three sliding-doors moments defined ACCC boss Gina Cass-Gottlieb’s life</h1><p class="_01bc10df9a78cad19c48">When Gina Cass-Gottlieb was hired, some said she was too close to big business. With a blockbuster case against the supermarkets, she’s instead proven to be a godsend for the federal government.</p></div><div class="_562c84b42f77cf37d420"><figure class="a4385b33fe53e96b825e _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="620" srcSet="https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_620%2Cq_88%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38, https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_1240%2Cq_52%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38 2x" 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data-pb-im-config="{&quot;aspectRatio&quot;:1,&quot;type&quot;:&quot;square1x1&quot;,&quot;width&quot;:696,&quot;urls&quot;:[&quot;https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_696%2Cq_88%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38&quot;,&quot; https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_1392%2Cq_52%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38 2x&quot;]}"/><img alt="" class="c101ad2e6ff325391dc3" data-testid="Image-image" src="https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_620%2Cq_88%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38" srcSet="https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_382%2Cq_88%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38, https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_764%2Cq_52%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38 2x" sizes="(max-width: 767px) 343px" data-id="852fb39ac0900a68b67401d04a1470baa3a2ae38" data-pb-im-config="{&quot;aspectRatio&quot;:1,&quot;type&quot;:&quot;square1x1&quot;,&quot;width&quot;:343,&quot;urls&quot;:[&quot;https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_382%2Cq_88%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38&quot;,&quot; https://static.ffx.io/images/$zoom_0.1872%2C$multiply_4%2C$ratio_1%2C$width_378%2C$x_151%2C$y_228/t_crop_custom/c_scale%2Cw_764%2Cq_52%2Cf_auto/852fb39ac0900a68b67401d04a1470baa3a2ae38 2x&quot;]}" width="343" height="343"/></picture><figcaption class="_80bb118486236bcec2bc"><p> “We never consult with government on our priorities,” Cass-Gottlieb says. <!-- --> <cite class="_3c0c5a31e2deab9fe7b5">Nic Walker </cite></p></figcaption></figure></div></header><section class="ae754da393b38cf0f618"><div class="d5dfe5984973a371f244"><section class="_368ce47922cc50406182" id="endOfArticle"><section class="_79ac355651a627afaf4b"><div class="_0744a0c2b755cec1309d"><span class="_4daa2b7c6a2abbd8337c"><span class="bad9c5476c04fb14be3e" data-testid="AuthorNames"><strong><a class="e8a3a96a1d96e42394a5" data-testid="AuthorURL" href="/by/ronald-mizen-gyvn3t">Ronald Mizen</a></strong></span><span class="_9d1c61c1b7efcc9b8f44">Political correspondent</span></span></div><section class="_288fb9f2c1f978e951fd"><div class="_4d22830be8e035459d36" data-testid="ArticleTimestamp"><time data-testid="ArticleTimestamp-time">Nov 29, 2024 – 5.00am</time></div><div class="_2a6dc840ff6bc204ff53" data-testid="ArticleTools"><div class="_9f146e4c46884f388d0e"><button aria-describedby="articleToolsLoginTooltip" class="_13dba38c2689588db954 _7cd6d3a619318b4274cf" 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data-testid="Modal-description"><span>Gift 5 articles to anyone you choose each month when you subscribe.</span></p><a data-testid="Modal-subscribe-button" href="https://subscribe.afr.com/?promote_channel=HI_AGFT_GNL_GIFTCTA&amp;utm_source=ArticleGifting&amp;utm_medium=HouseInventory&amp;utm_campaign=General&amp;utm_content=GiftCTA" class="f6dfc6f770f1c16f22f5">Subscribe now</a><p class="_1c7a5940e3812685c336">Already a subscriber?<!-- --> <button data-testid="Modal-login-button" type="button">Login</button></p></div></div></div></div></div></section></section><p>It was the last great battle between Kerry Packer and Kerry Stokes that cemented Gina Cass-Gottlieb’s confidence in her ability to go toe-to-toe with the most ruthless players in corporate Australia.</p><p>The year was 2005, and Packer wanted the five-year AFL broadcast rights for his Nine Network. He was willing to pay $780 million to get them – up from $500 million for the previous deal. When Nine’s bid was lobbed just before Christmas, the newspapers reported it as the “richest TV deal” in Australian sports history.</p><div class="_398b6c5e39701f15a1a2">Loading...<figure></figure><figure></figure><figure></figure><figure></figure></div><div></div></section><div class="a3b28a4f67a674b57863 _641fb672692d5313992a" data-testid="ArticleFooter"><div class="_9e5858bb5e9aa47354b4"><div class="_9f146e4c46884f388d0e"><button aria-describedby="articleFooterLoginTooltip" class="_13dba38c2689588db954 _7cd6d3a619318b4274cf" data-click-outside-ignore="true" data-testid="SaveArticle-button" type="button"><span class="_82522fbabfe2be1d6f63"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path stroke="#111" stroke-width="1.2" d="M6.607 5c0-.221.179-.4.4-.4H17c.22 0 .4.18.4.4v13.077a.4.4 0 0 1-.63.328l-3.851-2.702a1.6 1.6 0 0 0-1.838 0l-3.85 2.701a.4.4 0 0 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data-src="https://static.ffx.io/images/$width_140%2C$height_140/t_crop_fill%2Cq_auto:best%2Cfl_any_format/518b9e308bf79b032dca1d9057baa3d4fb4bd586" srcSet="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7, data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" data-srcset="https://static.ffx.io/images/$width_140%2C$height_140/t_crop_fill%2Cq_auto:best%2Cfl_any_format/518b9e308bf79b032dca1d9057baa3d4fb4bd586, https://static.ffx.io/images/$width_280%2C$height_280/t_crop_fill%2Cq_auto:best%2Cfl_any_format/518b9e308bf79b032dca1d9057baa3d4fb4bd586 2x" sizes="(max-width: 767px) 140px" data-id="518b9e308bf79b032dca1d9057baa3d4fb4bd586" data-pb-im-config="{&quot;urls&quot;:[&quot;https://static.ffx.io/images/$width_140%2C$height_140/t_crop_fill%2Cq_auto:best%2Cfl_any_format/518b9e308bf79b032dca1d9057baa3d4fb4bd586&quot;,&quot; https://static.ffx.io/images/$width_280%2C$height_280/t_crop_fill%2Cq_auto:best%2Cfl_any_format/518b9e308bf79b032dca1d9057baa3d4fb4bd586 2x&quot;],&quot;width&quot;:140,&quot;aspectRatio&quot;:1,&quot;type&quot;:&quot;square1x1&quot;}" width="140" height="140"/></picture></figure><span class="_1b861ab323f41ec0b7ca"><strong><a class="a189e4281d1ef17b0b4e" data-testid="AuthorURL" href="/by/ronald-mizen-gyvn3t">Ronald Mizen</a></strong></span><span class="_502fdc96c2c81588de6d">Political correspondent</span><span class="_528a6daccc86ac482af4">Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra.<span class="ebf04f7a6858148cabbd _1abef93fc6602c02bcb2" data-testid="Author-Social"><span> <!-- -->Connect with <!-- -->Ronald<!-- --> on <a class="_86e1121a0a44d2d45f97" href="//twitter.com/MizenRonald?lang=en" rel="noopener noreferrer" target="_blank">Twitter</a>.</span><span> <!-- -->Email <!-- -->Ronald<!-- --> at <a 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Gina Cass-Gottlieb was hired, some said she was too close to big business. She’s instead proven to be a godsend for the federal government.","allowComments":false,"body":"\u003Cp\u003EIt was the last great battle between Kerry Packer and Kerry Stokes that cemented Gina Cass-Gottlieb’s confidence in her ability to go toe-to-toe with the most ruthless players in corporate Australia.\u003C\u002Fp\u003E\u003Cp\u003EThe year was 2005, and Packer wanted the five-year AFL broadcast rights for his Nine Network. He was willing to pay $780 million to get them – up from $500 million for the previous deal. When Nine’s bid was lobbed just before Christmas, the newspapers reported it as the “richest TV deal” in Australian sports history.\u003C\u002Fp\u003E\u003Cp\u003EThe bid stunned Packer watchers and forced arch-rival Stokes – then skiing in Colorado – to make a risky matching offer.\u003C\u002Fp\u003E\u003Cp\u003EDrawn into the fray were some of the nation’s most powerful executives; Ten’s Nick Falloon, Nine’s Sam Chisholm, Seven’s David Leckie (along with the network’s long-time consigliere Bruce McWilliam), and Foxtel’s Kim Williams. Behind the scenes, armies of lawyers and advisers were on retainer; at Packer’s side was Cass-Gottlieb, then a partner at upstart law firm Gilbert + Tobin.\u003C\u002Fp\u003E\u003Cp\u003E“Both Packers [Kerry and James] held her in high regard. You didn’t bother looking for advice after Gina’s advice,” says \u003Cx-placeholder id=\"92f8e2106a307ef04c189cb04254bdd1a5914267\"\u003E\u003C\u002Fx-placeholder\u003E. Gyngell describes himself as a “flamboyant media guy” at odds with Cass-Gottlieb’s softly spoken, calm demeanour, yet there are few people he admires more.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"449552588326f384e945c1349d75b394b24b6fcf\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003E“Observing her, I learnt a lot about the way you carry yourself,” he says.\u003C\u002Fp\u003E\u003Cp\u003EToday, Cass-Gottlieb is chair of the Australian Competition and Consumer Commission. It is a role for which she seemed destined. \u003Cx-placeholder id=\"62193b1fd9f8bd573968640013e234b324ecc11f\"\u003E\u003C\u002Fx-placeholder\u003E, says she is “very likely” the best competition lawyer in the country. Sims, like Graeme Samuel before him and Allan Fels before him, had tried to woo her from private practice, where she advised large companies on the law, to the ACCC where she could mould and enforce it.\u003C\u002Fp\u003E\u003Cp\u003EArmed with insight from being corporate Australia’s mergers and acquisitions lawyer of choice, Cass-Gottlieb has landed the biggest overhaul of merger laws in half a century. Passed by the Senate late on Thursday, the laws mean every proposed tie-up above certain thresholds will need ACCC approval from July 2026. Cass-Gottlieb says this is necessary to stop more sectors of the economy becoming dominated by one or two big players, like airlines and supermarkets. Critics, however, say the case for change has not been made, and the overhaul is driven by a long list of ACCC losses when mergers wind up in court.\u003C\u002Fp\u003E\u003Cp\u003ETwo years into her tenure, the poacher turned gamekeeper has proven she can deliver. In October, Cass-Gottlieb secured a $100 million penalty against Qantas for selling tickets on already-cancelled flights. It was a near-record fine for misleading conduct violations against a high-profile company that many Australians love to hate.\u003C\u002Fp\u003E\u003Cp\u003ENow the ACCC boss is \u003Cx-placeholder id=\"13cb5e16056b27dba5322cdd95775dc8bfefd82c\"\u003E\u003C\u002Fx-placeholder\u003E.\u003C\u002Fp\u003E\u003Cp\u003EIn September, the regulator alleged the supermarket duopoly misled customers by claiming groceries were on sale when their price had been increased for a brief period beforehand. The case was sparked by reams of evidence collected by shoppers, acting as citizen investigators and posting on social media about the prices of Strepsils throat lozenges and Tim Tams.\u003C\u002Fp\u003E\u003Cp\u003EFor a federal government facing an election in the midst of a cost-of-living crisis, the case has been a stroke of luck. “If this is found to be true, it’s completely unacceptable,” said Prime Minister Anthony Albanese on the day the ACCC announced the case. “Customers don’t deserve to be treated as fools by the supermarkets.”\u003C\u002Fp\u003E\u003Cp\u003EBut a win is far from a sure thing. The supermarkets have hit back in their defence, \u003Cx-placeholder id=\"0b6092cc64279e41c4e9d6c6b97bf40008065a86\"\u003E\u003C\u002Fx-placeholder\u003E. It is a case of immense public interest and comes during an outbreak of inflation that has caused voters the world over to be testy. It is a case that will likely define Cass-Gottlieb’s tenure at the ACCC.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"894082596fbaaf4cfb35d0811aeab74e1315a4a9\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003EHigh-stakes battles are nothing new. In getting to this point in her career, she says working with Kerry Packer and the AFL battle of 2005 was critical. “I was very closely involved in that. I negotiated and drafted [the bid],” she tells \u003Cem\u003EThe Australian Financial Review Magazine\u003C\u002Fem\u003E. Packer and Cass-Gottlieb would talk multiple times a day and well into the night leading up to the bid being finalised. “I would phone him and talk through the choices and where I thought we could go, and he would rapidly give his views. It concluded, was successful, he signed it and was incredibly pleased. And I think he died about two days later. So, it was quite remarkable.”\u003C\u002Fp\u003E\u003Cp\u003EPacker died on December 26, before Stokes lobbed his counteroffer and won the AFL rights once more. But it cost the Seven owner a lot more than he wanted to pay. Reflecting on her time working with Packer, as well as being involved in some of the highest-profile legal issues of the era, Cass-Gottlieb says it was a growth opportunity afforded to few others. “I could be sitting in a room where other people would have been inclined to, or did frequently, all men, actually, talk over me or start to talk,” she recalls. “And he would say ‘no’, he would like to hear from me.”\u003C\u002Fp\u003E\u003Cp\u003EHaving the ear of the country’s most powerful businessman imbued confidence. It has set the tone for how Cass-Gottlieb has approached the rest of her legal career.\u003C\u002Fp\u003E\u003Chr \u002F\u003E\u003Cp\u003EThe Achilles heel of ACCC chairs has been their ability to win court actions against large, well-resourced companies.\u003C\u002Fp\u003E\u003Cp\u003EIn 2002, Fels tried and failed to bring a price-fixing case against oil and petrol giants Caltex, Mobil and Shell based on an anonymous tip-off. ACCC officers launched raids across Sydney and Melbourne and a well-timed tip ensured media were able to get vision of officers carrying cardboard boxes out of Caltex’s office in Sydney. The raids prompted criticism from the business community including Caltex chairman Dick Warburton, who said the company’s brand had been damaged in a “trial by media”. A year later, Fels dropped the investigation, saying it turned up nothing that required action. It later emerged the cardboard boxes contained blank copy paper.\u003C\u002Fp\u003E\u003Cp\u003ESims, who served for 11 years until 2022, also struggled in the courts. In 2018, the Commonwealth Director of Public Prosecutions brought criminal cartel charges against Citigroup, Deutsche Bank, ANZ and several executives, alleging they illegally conspired to manipulate the foreign exchange market. The matter was brought on behalf of the ACCC after JPMorgan, represented by Cass-Gottlieb, dobbed in the three banks in return for immunity.\u003C\u002Fp\u003E\u003Cp\u003EIn early 2022, after several of the charges were dropped, the whole case imploded and Sims, along with the ACCC, was accused of regulatory overreach. Under his watch, the ACCC also lost six cases where it was taken to court after it blocked a merger or takeover. After one such loss, involving the merger of TPG and Vodafone, Sims went public with a wish list of reforms to shift power from the courts to the ACCC. The proposal received mixed reviews and a cool response from then Coalition treasurer Josh Frydenberg. But Sims and the ACCC kept working away, refining their ideas.\u003C\u002Fp\u003E\u003Cp\u003EWhen Cass-Gottlieb was appointed in 2022, opinion was divided about what kind of chair she would be. Would she leave policy development like merger reforms to the Treasury bureaucrats and politicians? Or would she advocate her own ideas? In the end, Cass-Gottlieb turned out to be the most effective advocate for reform to date. Which is how, on a bitey Thursday morning in October, she found herself in Canberra for the introduction of a bill that would give effect to the bulk of her wishes.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"7a85f74e813a7f1566ea4cc9caff56abbfc45108\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003EShe received a call from Treasurer Jim Chalmers’ office at 8am. He was about to hold a press conference and wanted Cass-Gottlieb by his side – could she make it? Half an hour later, the pair appeared in Parliament’s Blue Room \u003Cx-placeholder id=\"02a96489d470e9eb097f2fecd42c6d38a620add1\"\u003E\u003C\u002Fx-placeholder\u003E and take questions.\u003C\u002Fp\u003E\u003Cp\u003EMinisters regularly want to associate themselves with their regulators – at least when what they are doing aligns with their political agenda. The ACCC was enjoying a period of public popularity for securing the $100 million penalty against Qantas (and a further $20 million in customer reimbursements). A fortnight earlier, it had launched the Coles and Woolworths case. Labor had already used the supermarket lawsuit to announce tougher unit pricing rules and an additional $30 million for the ACCC to investigate grocery pricing practices. Each announcement was framed as the government taking steps to ease cost-of-living pressure.\u003C\u002Fp\u003E\u003Cp\u003EIt was hardly surprising, then, that Chalmers, in announcing tough new merger laws, wanted to stand side-by-side with his giant-slaying ACCC boss.\u003C\u002Fp\u003E\u003Cp\u003EThe scene may have struck some as a tad ironic. When Cass-Gottlieb was appointed by Frydenberg in early 2022, some argued her three decades advising corporate Australia, and in particular her role representing Lachlan Murdoch as a director on the Murdoch family trust, made her unsuitable to become the competition watchdog. Some Labor MPs were uneasy about the appointment. Among the leading critics was Kevin Rudd, the former Labor prime minister who, at the time, was calling for a royal commission into News Corporation. “Her close association with the Murdochs will cause many Australians legitimate concern, given the Murdoch family’s concentration of Australian media power is unmatched in the democratic world,” Rudd declared. Other commentators made similar remarks.\u003C\u002Fp\u003E\u003Cp\u003EDanny Gilbert, founding partner of Gilbert + Tobin, says Rudd’s comments and the like were ignorant. “They were silly observations,” he says. “Those people who might have said she’d be on the side of business, if they bothered to ask me, I would have said she’ll be on the side of doing her job properly.” Sims expresses a similar view. “I knew instinctively that when she became chair, she’d adopt the same considered, careful and thoughtful approach from the ACCC point of view,” he says.\u003C\u002Fp\u003E\u003Cp\u003EAs a case in point, the new merger laws passed by the Senate on Thursday will scrap the ACCC’s voluntary notification regime in 2026 and introduce mandatory notification where companies involved in mergers meet certain monetary thresholds. It is not everything Sims or Cass-Gottlieb wanted, but it achieves a big power shift away from the courts to the ACCC in deciding what mergers get approved.\u003C\u002Fp\u003E\u003Cp\u003EAmong the various thresholds are deals where a company with turnover above $200 million purchases a stake in a private or unlisted Australian company above 20 per cent. Cass-Gottlieb concedes that is a “pretty broad” net and is squarely aimed at private equity. She agrees that the ACCC will need to look into a significantly larger number of transactions, but that will be an improvement. The ACCC, she says, cannot regulate what it cannot see.\u003C\u002Fp\u003E\u003Cp\u003EThe treasurer will also be able to designate sectors of the economy where every merger will require approval, regardless of the transaction size, at the ACCC’s request. Chalmers, on that chilly Thursday morning, didn’t miss his chance. “Using those powers, we have decided already that every merger in the supermarket sector will be looked at by the ACCC,” he said. “We think this is especially important when people are facing cost-of-living pressures at the checkout.” The fact just about every supermarket merger or purchase would already be covered by the proposed thresholds was beside the point. Neither was it relevant that the change would do nothing in the near term to lower checkout prices. The designation of supermarkets led the newspaper and television headlines, and the head of the ACCC was there to back it in.\u003C\u002Fp\u003E\u003Cp\u003ECass-Gottlieb says to maintain credibility with the public, the ACCC must be, and also appear to be, independent. But she is not afraid of entering the political fray to achieve her goals.\u003C\u002Fp\u003E\u003Cp\u003EIn remarks made during an interview for this profile, published earlier this month, she \u003Cx-placeholder id=\"3292463604177cb1df1ccfdb86c2c5a7c15cabc5\"\u003E\u003C\u002Fx-placeholder\u003E, making the ambitious call that they are the most important law change in the life of the current parliament. “To protect the points they most want to protect, which is the community, consumers and the vibrancy of the capacity for competition and innovation, they need to pass that bill,” she said.\u003C\u002Fp\u003E\u003Cp\u003EMaking such a direct plea to politicians in the Coalition and on the Senate crossbench has raised a few eyebrows among ACCC watchers. But Cass-Gottlieb insists the watchdog is fiercely independent. “We never consult with government on our priorities,” she says, adding that the first the Albanese government heard of the supermarket lawsuit was the night before it was announced. She also said she never sought permission from Chalmers to advocate for merger reform.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"7d3b485638e9b2a5050276798d9461225975b3b5\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003EFriends and colleagues describe Cass-Gottlieb as softly spoken yet forcefully persuasive. She describes her litigation style as “like a gloved fist”. Leading barrister and head of Banco Chambers, Cameron Moore, SC – who has been briefed by Cass-Gottlieb and appeared across from her – agrees with the self-assessment. “She was always calm, unflappable, didn’t get emotional and didn’t get outwardly stressed by anything,” Moore says. He also thinks the likelihood of cases blowing up in the ACCC chair’s face is “less likely” under her watch. “I think we will see a more sensible enforcement regime.”\u003C\u002Fp\u003E\u003Cp\u003ECass-Gottlieb says the $100 million penalty against Qantas – the fourth highest in the ACCC’s history – sent a clear message to the country’s C-suites. But whereas Qantas admitted liability, Coles and Woolworths appear set to do battle. Some competition lawyers wonder if this case may once again mark an overreach by the regulator. “She’s at risk of being sucked into the political vortex around supermarkets and cost of living,” says one lawyer.\u003C\u002Fp\u003E\u003Cp\u003EIn its Federal Court filings, the ACCC alleges Woolworths and Coles lifted prices for a short time, then lowered them as promotions (“Prices Dropped” at Woolworths, “Down Down” at Coles). The regulator says the promotions were misleading because the discounted prices were higher or the same as they had been weeks earlier. For example, the ACCC alleges that Coles sold Strepsils throat lozenges for $5.50 for more than 600 days. The price then rose to $7, only for Coles one month later to drop the price to $6, and promote it as part of its Down Down campaign. Making the case such a blockbuster is that some 500 common groceries are at its centre: Arnott’s Tim Tam biscuits, Dolmio pasta sauces, Doritos salsa, Energizer batteries, Friskies cat food, Kellogg’s cereals, Bega cheese, Cadbury chocolates and Colgate toothpaste.\u003C\u002Fp\u003E\u003Cp\u003EBut the supermarket duopoly claim prices were increased because that’s what suppliers asked for. Facing surging input costs, the two supermarket chains say they were besieged with requests to lift shelf prices. They note that the time period in which the offending is alleged to have occurred was 2022, when inflation peaked at almost 8 per cent.\u003C\u002Fp\u003E\u003Cp\u003E“The [supermarkets] case has been a godsend for the government, and everyone has piled on,” one lawyer says. “But if Coles and Woolworths can show that the price increases were requested by the food manufacturers, then the ACCC can very easily lose this case.” Even one of Cass-Gottlieb’s predecessors, Graeme Samuel, is sceptical. “If they deceived consumers, they should have the book thrown at them,” he said in September. “But if it is the other narrative ... there will need to be some apologies.”\u003C\u002Fp\u003E\u003Cp\u003EA key issue is whether there’s a minimum amount of time a price needs to be charged before it can be lowered and legitimately called a sale. Coles and Woolies are expected to argue that the short period of higher prices reflects the fact that they gather real-time data on sales, and they simply insisted producers accept price drops to keep customers buying. The inner workings of how prices are negotiated will be pored over, which should make for terrific fodder for tabloid newspapers, talkback radio and current affairs TV.\u003C\u002Fp\u003E\u003Cp\u003EEveryone who spoke to \u003Cem\u003EAFR Magazine\u003C\u002Fem\u003E believes Cass-Gottlieb is likely the sharpest competition law mind in the country and stands in contrast to her predecessors, whose backgrounds were largely grounded in economics and business. Win or lose, it will be a landmark case.\u003C\u002Fp\u003E\u003Chr \u002F\u003E\u003Cp\u003ECass-Gottlieb was never supposed to be a lawyer. She was supposed to be a doctor, like her father and his father before him. Deciding to study law and economics was, she says, one of three sliding-doors moments in her life.\u003C\u002Fp\u003E\u003Cp\u003EHer grandfather, Benjamin Phineas Cass, fled Russia after the 1905 pogrom and migrated to Perth. He studied medicine at the University of Melbourne and worked as a rural doctor before relocating to Sydney to be near his three sons, who all studied medicine at the University of Sydney. “It was always expected I would do medicine,” she says.\u003C\u002Fp\u003E\u003Cp\u003EIn her late teens, Cass-Gottlieb’s casual job was to photograph surgeries conducted by her father Cecil Cass, an orthopaedic surgeon; these were then shown and discussed around the dinner table. According to a 2006 obituary penned by Cass-Gottlieb on the passing of her grandfather, getting family involved in medicine from a young age was nothing new. “He developed his own medicines and, in his country practices, performed surgical procedures accompanied by one of his sons standing on a box until they were tall enough to stand by his side,” she wrote in \u003Cem\u003EThe Australian Jewish News\u003C\u002Fem\u003E. Her two brothers went into medicine. Her sister became a public servant.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"0a3860a17be7ce382782f27766dfe8848eaa70dc\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003ECass-Gottlieb’s mother, Bettina Cass, was a sociologist and policy adviser in Bob Hawke’s government who led a key review of social security; the Cass Review. Her recommendations led to a major overhaul of the welfare system. Cass-Gottlieb describes her mother as “a real role model”. Politics, she says, was never too far away from the dinner table, along with the intricacies of surgery.\u003C\u002Fp\u003E\u003Cp\u003E“There were very active debates. It was really a stimulating way to grow up.”\u003C\u002Fp\u003E\u003Cp\u003EHer uncle, Moss Cass, was Australia’s first environment minister in the Whitlam government. Before he died in February 2022, aged 95, Cass-Gottlieb recalls his excitement at her being appointed to the ACCC. “He was very unwell, but he was still sitting at his laptop writing,” she recalls. “He turns to me and says how excited he is I have this position and says ‘these are the things you need to think about’.” Media diversity was top of the list.\u003C\u002Fp\u003E\u003Cp\u003ECass-Gottlieb’s first sliding-doors moment came in 1978 when she was 18 years old. While she had planned to enrol in medicine, an encounter with Dame Roma Mitchell, the pioneering lawyer, when Cass-Gottlieb won a debating prize, steered her towards the law. Also influential was former High Court chief justice Sir Garfield Barwick. “Very quietly, he said to me as he gave me the award [for English] that I was a dangerous woman because I could talk,” Cass-Gottlieb told a dinner of Chief Executive Women in March. And with those two interactions, the seed was planted.\u003C\u002Fp\u003E\u003Cp\u003EAfter graduating from Sydney University with honours in 1984, she took up a job as an associate to NSW Court of Appeal judge and future High Court justice Michael McHugh. During this time, she also worked with \u003Cx-placeholder id=\"2b14e7dd8aec8838c57d9e71fd41b8fa288878fb\"\u003E\u003C\u002Fx-placeholder\u003E: a man whose career was defined by his regular dissenting judgments and judicial activism.\u003C\u002Fp\u003E\u003Cp\u003EWorking around McHugh and Kirby was a precursor to what would be Cass-Gottlieb’s second sliding-doors moment: when she won a Fulbright scholarship to do a master’s of laws at the University of California, Berkeley. After what she describes as a traditional black-letter law education, Berkeley was a revelation. “You had the students who were sure they were heading straight to Wall Street and there were the ones who were going to be consumer and human rights advocates, and both were asking ‘what should the law be?’” she says. “It was just a totally different way to think.”\u003C\u002Fp\u003E\u003Cp\u003EThe third sliding-doors moment came several years into her legal career while a partner at law firm Blake Dawson Waldron, now known as Ashurst. The firm advised the government on ending Telstra’s telecommunications monopoly, paving the way for Optus to enter the market. “[It was] the beginning of competition,” Cass-Gottlieb says, calling it a “truly phenomenal” period. But Blake Dawson Waldron was a long-time adviser to Telstra, and Optus wanted Cass-Gottlieb in its corner. She had to make a choice, and she opted to jump ship and join the much smaller G+T.\u003C\u002Fp\u003E\u003Cp\u003EShe worked at G+T for more than 20 years. Both Cass-Gottlieb and Gilbert, when speaking to \u003Cem\u003EAFR Magazine\u003C\u002Fem\u003E for this feature, choose their words carefully when talking about each other. There is clearly a great deal of respect, but also hesitation. Responding to a question about this, Cass-Gottlieb says over the years the pair have had a different way of doing things. “I am not interested in a traditional, pure individual, this is going to sound ironic, competitive dog-eat-dog approach,” she says. “I think you have to build collegiality and protect each other. He thinks the same. But when you test performance in any private sector environment, if you are going to try and bring others through and achieve things as a team, that’s a different framework. So, I sort of circumvented things.”\u003C\u002Fp\u003E\u003Cp\u003EIn particular, Cass-Gottlieb says she employed lawyers who did not fit the corporate law mould; for example, women who might need greater flexibility. In doing this, she created the workplace she wished existed in her early years in the profession. “But that was fine, he took it in his stride and knew what I was doing,” she says.\u003C\u002Fp\u003E\u003Cp\u003EAfter three decades as a senior partner in top-tier law firms and head of the competition watchdog, Cass-Gottlieb says her jobs have always been much more than full-time. “The questions are with me every waking moment,” she says, adding that she rarely finishes before 8pm, often goes past midnight, and is regularly awake by 5am. Her morning routine is work-centric: straight on the laptop and then off to the office. Reflecting on her personal life, the married mother of two adult children says she “never felt things are balanced” but she has always prioritised the important things and made herself available when needed. “There are no neat divisions,” she says.\u003C\u002Fp\u003E\u003Cp\u003EMichelle Haber, executive director of the Children’s Cancer Institute, has known Cass-Gottlieb and her husband, Stephen Gottlieb, for more than 30 years. The two families go skiing together and are about as close as friends can be. Haber says Cass-Gottlieb has never had a normal job, but has always been around for the important moments. “She is someone that you can turn to when you’re in trouble. You can rely on her,” she says.\u003C\u002Fp\u003E\u003Cp\u003EThere are few people who can count themselves part of Cass-Gottlieb’s inner friendship circle; the people who are invited to dinner at her home on Fridays where she cooks recipes from Kylie Kwong and Bill Granger. Even Gilbert, who has known Cass-Gottlieb for more than three decades, says while he counts her as a friend, he rarely sees her socially.\u003C\u002Fp\u003E\u003Cp\u003ECass-Gottlieb says this is largely because what little precious personal time she has is spent with family, and that time is often spent around the dinner table. The choice of background music is likely pulled from her youth – she cites Joni Mitchell as an example. “Cooking is stress relief,” she says, adding that she takes pleasure in stealing moments late at night or early in the morning to plan evenings in great detail. “[I] feel totally, not just relaxed, but actually excited,” she says. “It has always been part of taking care of family, and I love big family events when as many members of the family come and ... I just feel grounded in those times.”\u003C\u002Fp\u003E\u003Cp\u003EThey are moments that provide a rare opportunity to not think about pitched legal battles, or the pressures that swirl around the ACCC. To run the competition regulator means to be always at the centre of controversies over the prices of flights, the price of groceries and the price of petrol. It means being caught in the same media cycle as that which dogs the government of the day.\u003C\u002Fp\u003E\u003Cp\u003ECass-Gottlieb’s five-year appointment ends in early 2027, and at 64 she says this will be her last full-time job. A second five-year term would take her to 71, three years older than Packer was when he died. To some that might give pause for thought, but asked if she wants a second term, the answer is unambiguous: there is still plenty of work to be done.\u003C\u002Fp\u003E\u003Cp\u003E\u003Cem\u003E\u003Cstrong\u003EThe December issue of \u003Cx-placeholder id=\"a9b8501e859b892856e2dade37784a70485f0768\"\u003E\u003C\u002Fx-placeholder\u003Eis out on Friday, November 29 inside \u003Cx-placeholder id=\"75ef7b2c85b654f7857916767030d89b1febcdaa\"\u003E\u003C\u002Fx-placeholder\u003E. 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