NSW’s nation-leading gift card reforms will soon be enjoyed by the rest of Australia, after the Federal Government announced it is adopting the policy to extend expiry dates to a minimum of three years.
Minister for Better Regulation Matt Kean said the reforms, which came into force on 31 March 2018, showed only the Liberal National Government had put consumers first.
“The NSW Government is once again leading the country’s reform agenda, and setting the standard for other States and Territories,” Mr Kean said.
“These reforms will pour $60 million a year back into the hands of NSW families, giving shoppers more time to spend their hard earned cash.
“This plan to put consumers first saw complaints more than halve in the first three months after expiry dates were scrapped, compared to the same period last year.
Mr Kean said Australians spend approximately $2.5 billion a year on gift cards and gift vouchers, but up to eight per cent are never redeemed.
“That equates to a whopping $200 million a year lost by Australian consumers. That’s a staggering figure,” Mr Kean said.
“In response to our reforms, some major retailers like Woolworths scrapped expiry dates altogether across Australia, which is a big win for consumers everywhere.
“I congratulate the Commonwealth for adopting our policy, and look forward to seeing the economic benefits this extra spending will bring.”
For more information on the NSW gift card reforms visit www.fairtrading.nsw.gov.au.
