According to ARC, retailers are already facing mounting financial pressure, higher labour costs after the Fair Work Commission's junior pay rate increases.
Treasury says scandals at Deloitte, EY, KPMG and PwC exposed gaps in Australia's regulation, with the UK and US models cited for comparison.
Mozal Aluminium in Mozambique has been excluded from the transaction and remains under consideration for a separate sale.
Few business groups, oppose the proposal, saying it would increase costs and compliance burdens for employers.
Contract losses have increased pressure on TEG owner Silver Lake, fuelling speculation it could seek a strategic investor despite denying a sale.
