The Government has released for public consultation an exposure draft of the Competition and Consumer Amendment (Gift Cards) Bill 2018 and explanatory materials.
The Bill would:
- mandate minimum three year expiry dates for gift cards;
- require gift cards to display expiry dates; and
- ban post-purchase fees on gift cards.
It would also specify penalties for non‑compliance and create a regulation-making power.
Included in the explanatory materials is an Explanatory Memorandum for the Bill and a consultation paper which provides additional information on how the new regulation making power will operate including clarifying the definition of a gift card, specifying exemptions and defining allowable post-purchase fees.