This is the first year Christmas shoppers will benefit from minimum three year expiry dates on gift cards, after the NSW Government’s nation-leading reforms commenced in March.
Minister for Better Regulation Matt Kean said in previous years, the majority of gift cards only offered a 12 month expiry date.
“Gift cards are a popular present for people who are hard to buy for,” Mr Kean said.
“And since the NSW Government introduced these Australia-first reforms, consumers now have three years to use them.
“That’s a fairer deal for consumers this holiday season and puts up to $60 million a year back in the hands of NSW shoppers.
“The three-year mandatory minimum expiry period provides people receiving gift cards this year with much more flexibility and peace of mind.”
An estimated $200 million a year was being lost by Australian shoppers because up to eight per cent of recipients did not use the full balance by the 12 month deadline, forfeiting the amount left on the card.
Under the NSW reforms, businesses are also banned from applying post-purchase administration fees to gift cards, which can reduce the balance left on the card.
“Our laws are also being adopted nationally, making the NSW Liberal National Government the nation’s leader when it comes to protecting consumers,” Mr Kean said.
“These reforms will contribute to fairer Christmas shopping experiences and show that only the NSW Coalition can be trusted to put consumers first.”
Approximately 34 million gift cards are sold in Australia each year, with an estimated annual worth of $1.5 to $2.5 billion. For more information on gift card laws, visit www.fairtrading.nsw.gov.au or call 13 32 20.