In part the decision says:
In reaching this conclusion, the Panel noted that the claims made in the advertisements were extraordinary to such a degree that no reasonable retailer could publish them on the basis of assurances from the product sponsor, without requesting evidence that such claims could lawfully be made about the product.
The TGA are asking for the: Withdrawal of representations, Withdrawal of advertisement and the Publication of a retraction.
To re-cap; Power Balance wrist bands are coloured silicone rings with two small plastic holograms glued on. The popular silicone bands sell for about $60 (Aus). A pendant version of the Power Balance sells for about $90 (Aus). The promoters of Power Balance claim the bands somehow, magically, improve your strength and balance. The claims are usually couched in more pseudo scientific terms like:
“…balance, promoting a free exchange of positive and negative ions and align your body’s energy pathways….”
An almost identical product, which I would argue is equally effective (i.e. completely ineffective beyond the placebo effect), is the Placebo Band, which sells for just $2.
For the the full story and links to the TGA ruling, visit the web site of Vic Skeptics.