Have your say on proposed changes to gift card expiry dates
16 May 2018
Queensland businesses and consumers are encouraged to have their say on possible reforms to expiry dates on gift cards following the release of a Regulatory Impact Statement (RIS).
Fair Trading Executive Director Brian Bauer said the RIS seeks feedback on whether gift cards should have a minimum expiry date.
“Approximately 34 million gift cards are sold in Australia each year with an estimated value of between $2 and $2.5 billion,” Mr Bauer said.
“Often when you receive a gift card, you are not aware of the expiry dates and many people have experienced the disappointment of realising their gift card has expired.
“Some estimates put consumer losses resulting from expired gift cards at around $70 million each year across the country.
“Through this consultation, the government is considering options around whether gift cards should have a mandatory minimum expiry date and what other terms and conditions should apply.
“It’s not only consumers who are affected. Many businesses which sell gift cards use expiry dates for operational reasons including to manage the period of time they need to keep available particular goods or services for which gift cards have been sold, and to manage the liability of the outstanding goods or services.
“The Government wants to hear from both businesses and consumers to ensure any reforms take into account the views of all stakeholders,” Mr Bauer said.
Queenslanders can read the RIS and make a submission by visiting https://consult.treasury.gov.au/market-and-competition-policy-division/c2018-t282459/
Submissions will close 30 May 2018.