TBI only mentions the australian consumer law once and that's on returns

"Our policy on returns is in addition to your rights under the Australian Consumer Law because we want you to be happy with your purchase. Please read the above carefully to ensure you are fully aware of your rights under this policy and our obligations to you."

They however do not mention anything about the consumer law for refunds and "reasonable time". Having said that, it is a choice to cancel/ask for refund for an item that's beyond reasonable (mp-43 if not purchased with another pending item). If the person didn't know about the consumer law, they wouldn't dare to refund/cancel because of the T&C

In the event you choose to cancel your pre-order, the full cost, including shipping, is non-refundable due to administrative costs and other fees incurred by us. We keep our product costs low by ordering in bulk and we are still obliged to pay suppliers for any pre-ordered products initially ordered. We are not able to cancel or reduce quantities from our suppliers once ordered.

Most common people would not know about the "reasonable time" clause as demonstrated in this thread.