Plan to end expiry date on gift card
EXPIRY dates could be abolished from all gift cards as part of a radical suite of reforms being considered by the Federal Government in time for Christmas.
Australians spend about $2.5 billion a year on gift cards but up to 8 per cent are never redeemed, delivering retailers $200 million each year.
The Sunday Mail can reveal that the Federal Government is investigating nationwide reforms that would allow shoppers to use their gift cards and gift vouchers for longer.
Assistant Minister to the Treasurer Michael Sukkar confirmed that he has sought advice from Treasury on all options to address consumer concerns about gift card expiry dates, including abolishing expiry dates altogether.
While some consumer groups are pushing for such a move, it is understood the Government favours a minimum of three years.
Mr Sukkar said states and territories would need to tick off on any change at the next Consumer Affairs Forum scheduled for August.