IANAL but have been through the material in compliance training: I'm reasonably sure that this would be illegal according to Australian consumer laws.
You can't advertise a price as having a discount if it was never sold at the higher price.
Since you can technically buy it at the higher price now without the sub, perhaps they could argue that they increased the price of the pen, and introduced the discount in the same stroke, and maybe ACCC would let it slide - but they certainly wouldn't be amused.
The pen pricing is even better in AUD, btw.. and that's WITH the "discounts". AUD170 for the eraser one.