Who thinks only offering a 12 month warranty is acceptable in nsw? So you could pay ($2895 + $708) = $3603 to operate the bike for a year and then on the 13th month, have a malfunction and their claim is that the warranty would be over.
And also you can pay $225 for an additional 12 months of warranty.
Also the warranty is void as soon as you transfer the ownership of the bike to someone else.
https://support.onepeloton.com/hc/en-au/articles/203020505
Under the ACCC rules on offering a product of reasonable quality for a reasonable amount of time (commensurate to the price), surely you would be entitled to a free repair for a period of more than 12 months on such an expensive purchase? I'm surprised they decided to go cheapskate on the warranty for a luxury product.
Why are you thinking about choosing this bike?