Qantas slashes the value of your frequent flyer points

Your Frequent Flyer points now buy less, Shein cops massive fine, and the sneaky hike in petrol prices. Here are five things you may have missed this week.

Points pain: Qantas devalues Frequent Flyer points

This week saw Qantas hike the Frequent Flyer points needed to score a freebie.

Qantas Business free reward seats require 20% more Qantas Points, while Economy has gone up 15%.

It now takes 63,500 points plus $263 for an Economy fare from Sydney to London, up from 55,200 points plus $263 previously.

A Business class seat from Sydney to Melbourne requires 19,300 points plus $76, up from 18,400 points plus $55.

With the changes announced in January, it's no surprise Qantas has seen a record number of points redeemed on flights.

To ease the points pain, Qantas Frequent Flyer has released 400,000 new Classic Reward seats (those that can be purchased using points) across its international and domestic network.

The majority will be on dedicated Points Planes, where every seat can be secured with points.

Even so, the timing of the points hike is far from ideal.

The recent Qantas cyber-attack saw 5.7 million Frequent Flyer members have their personal data stolen.

Shein fined €1 million for greenwashing

Italy's competition authority AGCM has slapped fast fashion platform Shein with a 1 million euro ($1.8 million) fine for greenwashing.

AGCM says Infinite Styles Services Co. Ltd, the company that manages Shein's websites in Europe, used misleading and/or deceptive environmental claims to promote Shein-branded clothing.

According to AGCM, statements by Shein about its intention to reduce greenhouse gas emissions by 25% by 2030 and reach zero emissions by 2050 were contradicted by an actual increase in Shein's greenhouse gas emissions in 2023 and 2024.

The authority also called out something many Australian consumers have clued onto - that the so-called "fast fashion" sector is highly polluting.

The Italian fine follows a 40 million euro fine issued to Shein by France's competition authority in July following allegations of misleading discounts.

Hike in fuel excise drives pump prices higher

Aussie motorists face a blow to their hip pocket, with the federal government jacking up the fuel excise on August 4.

It's the second increase this year in what the Victorian Automobile Chamber of Commerce (VACC) says has become "a predictable six-monthly tax grab".

The fuel excise has been raised to 51.6 cents per litre, up from 50.8 cents per litre.

It will mean higher prices at the bowser.

Peter Jones, VACC CEO says, "This is an indiscriminate tax that disproportionately affects low-income earners and families who rely on their vehicles for work and essential travel."

To add insult to injury, motorists pay 10% GST on top of the fuel excise - essentially paying tax on a tax.

"It's no wonder Australia continues to have some of the highest fuel costs in the developed world," says Jones.

Motorists paid close to $16 billion in fuel excise in 2023-24 - about $1283 for a typical household.

Owners of pure electric vehicles (or other zero-emission technology vehicles that don't use liquid fuels) do not pay federal fuel excise at all.

Elon's $44 billion pay day

This week saw Tesla put to bed any doubts about the rich getting richer.

In a letter to shareholders, Tesla announced that the company's CEO - Elon Musk, already the richest person on the planet, would receive a package that includes 96 million Tesla shares.

Musk will have to pay $US23.34 for each of the shares.

But that's far from a hardship.

Tesla shares are currently trading at $US320 apiece.

In effect, it gives Musk a $US29 billion ($44 billion) pay day.

According to the announcement, ironically posted on X (owned by Musk), there are strings attached.

Most notably, Musk will need to stay on as Tesla CEO for another two years.

This may not please every Tesla investor.

The company's shares are down from a peak of $US480 in late 2024, and second quarter results show a 16% drop in revenue from car sales and a 42% fall in operating income.

CommBank extends LMI waiver

Banks love to see high-income earners join their ranks of home loan customers.

As an enticement, many waive the cost of lenders mortgage insurance (LMI) for borrowers working in high-income professions - or who have the potential to be a high-income earner.

It can be a valuable perk.

LMI normally applies if a home buyer's deposit is below 20%, and the cost can run into thousands.

A first home buyer purchasing a $700,000 property with a 10% ($70,000) deposit can expect to pay LMI of around $15,500.

CommBank, the nation's biggest home loan lender, already offers LMI waivers to borrowers in high-earning professions notably doctors and lawyers.

Now, it's offering pharmacists an LMI waiver - if they earn $100,000 annually, while doctors who aren't fully registered, such as interns, can also be eligible for big savings on LMI.

Fortunately, it's not necessary to be a high-income earner to avoid LMI.

The Home Guarantee Scheme (HGS) lets first home buyers on lower incomes skip LMI with a government-guaranteed loan.

The HGS is open to first-time buyers with taxable income up to $125,000 (singles) or $200,000 (couples combined).

You will need a 5% deposit, and limits apply to the value of the property you can buy.

Head to the Housing Australia website for details.

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