Aldi 25% cheaper than Coles and Woolworths: CHOICE

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How to slash $64 off your weekly grocery bill, Telstra hands out 12,000 free phones, and the first Bitcoin ETF arrives on ASX. Here are five things you may have missed this week.

Slash your weekly grocery bill by up to $64

Consumer group CHOICE has confirmed that shopping at Aldi can deliver big savings.

aldi 25% cheaper than coles or woolworths, choice report shows

CHOICE found a basket of 14 common grocery items costs a whopping 25% less at Aldi compared to Coles or Woolworths.

There was just a 75 cent price difference on the same basket between Woolies and Coles.

"Coles was the most expensive at $69.33, while the basket at Woolworths came in at $68.58," says CHOICE CEO, Ashley de Silva.

How does all this pan out for your weekly grocery bill?

Finder estimates a couple with two children spend, on average, $258 on groceries each week.

On that sort of spend, a 25% saving can add up to 64.50 weekly, or just over $3300 each year.

CHOICE's research found shoppers in Tasmania and the Northern Territory can pay significantly more for groceries.

"This is mainly due to the fact that these areas have more limited options for shopping than the rest of the country, with no Aldi in Tassie or the NT," says de Silva.

Telstra to giveaway 12,000 phones

As Australia's telcos prepare to flick the switch on 3G networks, Telstra is giving away 12,000 free handsets to selected customers.

Those to receive a phone will be people in financial hardship, the elderly and rural customers.

The end of 3G is set to boost the capacity, speed, and reliability of 4G and 5G networks.

Telstra will close its 4G network on August 31, with Optus set to wind down 3G from September 1, 2024.

Despite the closure of 3G being well-publicised, around 156,000 Telstra customers including small businesses, still have a handset that is either 3G only or has limited 4G coverage.

Communications Minister Michelle Rowland has warned that as many as 740,000 older 4G phones may not be appropriately configured to make emergency calls following the switchover.

To check if your phone could be impacted by the shutdown of 3G, text "3" to the number 3498 to receive a response saying whether your device is impacted.

First Bitcoin ETF lists on ASX

This week saw something of a milestone in the crypto world, with the first Bitcoin exchange traded fund (ETF) listing on the Aussie stock exchange (ASX).

The ASX says the arrival of the VanEck Bitcoin ETF (ASX: VBTC) marks a "significant milestone" in the local financial market and crypto industry.

It comes as Bitcoin hovers around new highs of $98,600 after tanking as low as $23,600 in late 2023.

Not surprisingly, this climb in value is attracting fresh investor interest.

Research by VanEck found 76.2% of financial advisers had clients enquiring about Bitcoin.

Arian Neiron, VanEck CEO and Managing Director, Asia Pacific, says crypto investing is "a polarising topic", but adds that bitcoin is an "emerging asset class" that many advisers and investors want to access.

The world has a new 'most valuable' company

The company that has investors arguing about how to pronounce its name has knocked Microsoft off its perch as the world's most valuable firm.

Nvidia Corporation, a leader in artificial intelligence (AI), has just notched up a market value of $US3.326 trillion ($4.98 trillion), more than the annual GDP of the United Kingdom.

The company is no newcomer. It's been around since 1993, but didn't go public until 1999.

The crazy thing is, Nvidia shares traded below $US1 for many years.

It's only been relatively recently that Nvidia's stock price has soared, skyrocketing from around $US12 in late 2022 to $US135 today - a jump of more than 1,000%, driven by the role the firm's microchips play in AI.

Aussie investors can gain indirect exposure to Nvidia through a number of ETFs including the Global X Semiconductor ETF (ASX: SEMI) as well as the Global X US100 ETF (ASX: N100), both of which have more than 10% of their portfolio in Nvidia stocks.

New rules to help Aussies get better rates on savings

This week saw the federal government step in to help Aussies get a better deal on savings accounts.

It follows a review by consumer watchdog, the ACCC, that found the complex terms and conditions required to earn bonus interest mean savers often miss out on the top rates.

Under the new rules, banks have to tell customers when the interest rate on their savings account changes, and lift their game on notifying savers about bonus interest rate offers.

Anna Blight, CEO of the Australian Banking Association has commented that a number of banks already disclose this information anyway.

Under the new rules, comparison websites are required to better disclose how they rank financial products, and the financial relationships they have with recommended product providers.

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A former Chartered Accountant, Nicola Field has been a regular contributor to Money for 20 years, and writes on personal finance issues for some of Australia's largest financial institutions. She is the author of Investing in Your Child's Future and Baby or Bust, and has collaborated with Paul Clitheroe on a variety of projects including radio scripts, newspaper columns, and several books.
Comments
Sam P
June 22, 2024 3.25pm

That Choice comparison is totally invalid. Doesn't even compare like with like. It's Homebrand v Name Brand. Maybe compare against homebrand at Coles and Woolies to be valid? Plus are the product sizes the same? And doesn't take into account when items are on sale.

The whole thing was an exercise to show Coles and Woolies in bad light, but I'd guess Aldi is no different to Coles and Woolies... they'd have to do deals with their suppliers to be able to sell the products at the prices they do.

And lastly, where to all the profits go with Aldi?

Rain Ang
June 22, 2024 11.44pm

Good point

Robert Wigg
June 22, 2024 7.03pm

I am a bit sceptical, shop at all 3 shops , Aldi is cheaper but not 25% . Where can we find the breakdown , item per item, state per state.