Toy magnetic hazards

The small magnets can easily detach from the product, posing an ingestion hazard to children. If a child swallows more than one magnet, the magnets can attract while travelling through the intestines, and cause blockages or holes in the intestinal walls. 

Although firms that sell magnet sets state that they intend them as desk toys
for adults, these sets are found in offices and homes and in locations within the
home beyond desk tops, such as on refrigerators. Magnet sets have some
appeal for virtually all age groups. They tend to capture attention because they
are shiny and reflect light. They are smooth, which gives them tactile appeal, and they make soft snapping sounds as they are manipulated. They have the properties of a novelty, which arouses curiosity; incongruity, which tends to surprise and amuse; and complexity, which tends to challenge and maintain interest. Their strong magnetic properties cause them to move in unexpected ways, with pieces snapping together suddenly, and moving apart—occasionally quite quickly.
By CPSChttp://www.cpsc.gov//PageFiles/126654/magnetnpr.pdf

Are any fridge magnets covered by the ban on small, high powered magnets?
Many fridge magnets consist of a magnet which is embedded in another object such as plastic or a plaster mould. These fridge magnets are not subject to this ban. In addition, most fridge magnets are sold
as singles rather than in multiples and would not satisfy the requirement that the product consist of at least two loose or separable magnets.Finally, most fridge magnets are ferrous magnets, which are relatively weak and would be unlikely to reach the magnetic flux measurement specified in the ban.
http://www.productsafety.gov.au/content/item.phtml?itemId=1001029&nodeId=a984c9b0cbe92d797026e55def199f69&fn=Product%20safety%20bulletin%20-%20Ban%20on%20small,%20high%20powered%20magnets.pdf