Money news: Woolies, transport and fuel costs

In this hip pocket money news, another Woolies rewards card change, transport costs soar while petrol drops.

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In hip pocket money news to start your week.

Supermarket giant Woolworths has been forced to announce further improvements to its rewards program “in response to customer feedback”.

Under the revamped scheme, the changes will take effect on August 31 and shoppers will earn “Woolworths Points”, with one point earned on every dollar spent at Woolworths, or affiliated Caltex service stations and BWS bottle shops.

When customers reach 2000 points, or $2000 of spending, they will be able to convert a $10 instant discount at the checkout, or collect 870 Qantas Frequent Flyer points – which is only a small fraction of the points needed to fly interstate.

Financy more on Woolworths rewards?

Transport costs have reached new highs and are said to be more expensive than electricity, water and telecommunications bills.

An average family spends as much as $420 a week getting around a major city, according to a new transport affordability index commissioned by the Australian Automobile Association and as reported by news.com.au.

The annual bill can vary from $21,700 in Sydney, to $14,100 in Hobart.

Financy more on travel costs?

Meanwhile, petrol prices have hit a new low thanks to a lower Aussie dollar and huge oil stockpiles.

The Australian Competition and Consumer Commission’s latest report on the petroleum industry has found average petrol prices in 2015-16 were at their lowest levels since 2002.

But the question being asked is whether petrol stations are passing this on in full, or whether they are being a bit greedy like the big for banks. Consumer pressure will help.

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