COAG Consultation Regulation Impact Statement – Legislative and Governance Forum on Consumer Affairs
On 2 May 2018, the Australian Government Department of the Treasury released a Consultation Regulation Impact Statement (RIS) to explore possible options to regulate the expiry period of retail gift cards and vouchers.
The RIS examines options including, the status quo, a prohibition on expiry periods and a mandated minimum three year expiry period with information disclosure requirements. The proposal responds to the issue of loss of value on a gift card which expires unexpectedly or otherwise before it can be used. As the majority of gift cards are bought by someone other than the end user, the recipient may not be adequately informed of the terms and conditions of the card.
The RIS prepared by the Treasury has been approved by the Office of Best Practice Regulation under Council of Australian Governments RIS requirements.
The Treasury is seeking public feedback on the proposals. The consultation period closes on 30 May 2018.