Under the regulation, which is known as the Fair Trading Amendment (Magnetic Toys) Regulation 2009,  toys shall not liberate a hazardous magnet or magnetic component after being tested for normal and reasonably foreseeable use and abuse test, and the packaging and instructions of toys which contain loose, as-received magnets or magnetic components should include a statement similar to the following:

"Warning!  The product contains small magnet(s).  Swallowed magnets can stick together across intestines causing serious infections and death.  Seek immediate medical attention if magnet(s) are swallowed or inhaled."

The regulation does not apply to the use of magnets in motors, relays, speakers, electrical components, and similar devices where the magnetic properties are not part of the play pattern of the toy.

The following definitions apply to the new regulation:

Magnetic Toy is defined as a toy, being an object or group of objects manufactured, designed, labeled or marketed as a plaything for a child or children under the age of 14 years, that contains one or more hazardous magnets that are intended to be used in playing with the toy.

Hazardous Magnet has the same meaning as in AS/NZS ISO 8124, specifically, a magnet which has a flux index greater than 50kG²mm² and which is in any of the following shapes and sizes:

1.  A cylinder with a length of not more than 32mm and a diameter of not more than 11mm;

2.  A disk with a diameter of not more than 26mm and a thickness of not more than 5mm;

3.  A sphere with a diameter of not more than 22mm; or

4.  Any solid that will fit entirely within the volume or envelop of any of the above defined shapes.

Hazardous Magnetic Component is defined as any part of a toy that meets the dimensional criteria set forth in the definition of Hazardous Magnet and that contains an attached or embedded magnet that has a flux index of greater than 50kG²mm².