Stuart Ayres MP, Member for Penrith was joined by Matt Kean, Minister for Innovation & Better Regulation to announce that Penrith consumers are now able to enjoy extended expiry dates on gift cards thanks to nation-leading reforms introduced by the NSW Government.
Stuart Ayres said all gift cards sold in NSW must have a minimum three-year expiry date.
He said the move that officially came into force on March 31 would put up to $60 million a year back in the hands of NSW shoppers.
“Previously, the majority of gift cards only offered a 12-month expiry date, but now consumers have three years to use them – and that’s a big win for consumers in Penrith,” Stuart Ayres said.
“I’m thrilled they’ll now be able to enjoy more flexibility when it comes to how they choose to spend their hard-earned cash.”
Local resident, Ms Kaisha James who joined Mr Kean and Mr Ayres has welcomed the announcement saying “it’s a great way to make sure the value of the gift card gets used before it expires.”
Mr Kean said these Australian-first reforms put consumers first so when they head to the shops they know they’re getting a fair go.
“This is all about giving consumers confidence that when they buy gift cards for friends or relatives, they’re getting value for money,” Mr Kean said.
For more information about the reforms, visit http://www.fairtrading.nsw.gov.au