The two companies announced their intention to merge on Thursday morning, with 50.1% of the merged entity to be owned by Vodafone and the remainder to be owned by TPG.
The Australian Competition and Consumer Commission said it expected a submission from the two companies sometime soon and that its initial timeline for the review would be 12 weeks.
"The review will look at competitive impacts in mobile services, where TPG now has a growing presence, and also fixed line, where Vodafone is a discounter," the ACCC said in a statement.
It said the two companies had also announced joint venture arrangements relating to spectrum, and, potentially, network sharing.
"The ACCC will be investigating the joint venture arrangements to see if they raise competition concerns under the Competition and Consumer Act," it said.
You can listen to the full audio of Vodafone and TPG's teleconference call for media and analysts this morning in iTWire's article entitled "FULL AUDIO: Vodafone and TPG merger call as Voda promises 'great value' for customers".