On 22 October, the Government has released for public consultation exposure draft regulations to support Competition and Consumer Amendment (Gift Cards) Bill 2018 (Cth) and a draft Explanatory Statement.
According to the draft Explanatory Statement, the purpose of the regulations is to insert provisions into the Competition and Consumer Regulations 2010 (Cth) to:
- specify items that are not gift cards;
- provide which fees can continue to be charged after a gift card is supplied; and
- exempt gift cards, persons or gift cards supplied in circumstances from some or all of the requirements.
The Assistant Treasurer, the Hon Stuart Robert MP, stated that these reforms will look after consumers, and make sure that many essential business activities can continue.
Consultation closes on 31 October.