@joshwent: The ACCC doesn't dictate the policies of any company, all they do is protect consumers. It's not about forcing Valve to give everyone, say, a 7 day returns window or anything like that. Basically the rules about refunds and returns in Australia just ensure that if a consumer buys something that is broken, or isn't as advertised or is terrible quality, they have the right to a refund. Valve obviously does give refunds in those cases but their stated policy is still 'no refunds', which is clearly what the ACCC takes issue with. They just want them to officially acknowledge the rights of Australian consumers and say 'if we sell you broken shit, that's on us, and we'll give you a refund'.
Frankly, I'm kinda shocked that other countries don't have similar laws and regulations. If I was in the USA and bought a new game and brought it home and opened up the case and it was empty the store could legally just say 'fuck off' and not give me a refund because they get to make their own policies? That's pretty poor form.