As an Australian-first.
Tough new laws that put consumers first by giving them a fairer deal on gift cards, has passed the NSW Parliament. In a first for Australia, there will now be a mandatory minimum three-year expiry date for gift cards sold to NSW consumers. Previously most gift cards were offered with a 12-month expiry date.
“These laws will put up to $60 million back in the hands of shoppers that is currently lost to retailers through unused balances on expired gift cards,” NSW Minister for Better Regulation, Matt Kean said. “We have also outlawed post-purchase fees and charges on gift cards, which eat into the balance, leaving consumers out of pocket.”
The Bills were passed without any amendments and form part of an ongoing suite of ‘Consumers First’ reforms by the NSW Government.
The gift card market is worth up to $2.5 billion annually with an estimated 34 million gift cards sold nationally each year.