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Thursday, 10 September, 2020, 17 : 15 PM [IST]

NZ announces NZD 47mn-fund to expedite refunds for cancelled travel bookings

The New Zealand (NZ) government is launching a new NZD 47-million-fund aimed at speeding up refunds for consumers' cancelled travel bookings.

The government hopes the travel reimbursement scheme will help consumers get back money much quicker, and also help keep travel agencies in business. Officials say there is nearly NZD 700 million owed to Kiwis tied up with overseas travel suppliers.

Travel agencies will be paid 7.5% of cash refunds and 5% of the value of credit for future travel for customers.

"This will mean, for example, that if an agent recoups USD 10,000 in a cash refund on cancelled travel, the customer gets that money back and the agent will receive USD 750. If it's a credit for the USD 10,000 cancelled travel, the customer gets the credit and the agent receives USD 500," said Kris Faafoi, Minister of Commerce and Consumer Affairs, Government of Australia.

"The Government's been working with the sector to find a way to help agents assist their customers to get back money that they are owed by travel suppliers."

While it doesn't guarantee speedy refunds for all, it will help keep frontline travel advisors in work and maintain public confidence in the retail travel industry. (Source: Travel Mole)

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