Yeaaah. I'm going with what the Act says
Recission of the contract is further qualified within the Act, that article isn't very detailed.
S.48C is the main section that deals with this, in light of S.48B(3).
Edit - I should probably further qualify that a refund is also mandatory if a repair / replacement is excessively burdensome on the buyer (e.g. a replacement will take 6 months).
SoGA approaches the issue from the position that the seller would wish to refund (rather than repair/replace) under certain circumstances and that such would be the norm. The sections should be read from the angle that a buyer can only require repair / replacement under certain circumstances and, indeed, could be forced to accept a refund. Not the other way round. The rights of rescission are laid out more specifically through contract law rather than SoGA.