Australia has a similar arrangement. The wording in the Consumer Law is deliberately vague - something like it must last "a reasonable time", which means a $2000 laptop should last longer than a $300 one. It's not a fixed 5 years.

My Samsung TV I bought in 2012 died this year under normal use, and they replaced it with a new model. The "warranty" was only 12 month. I'm 100% this law is partly responsible for the "Australia tax" but it also means manufacturers can't take shortcuts.

(Apple tried to claim the "reasonable time" an iPhone should last is 12 months, which didn't stand up in court given you could buy them on 2 year contracts)