In recent weeks, Australian households have reduced their fuel expenditure, although prices remain high, significantly impacted by geopolitical tensions in the Middle East. To assist customers, Westpac Bank has launched a new initiative enabling them to earn “instant cashback” on Ampol fuel gift cards, promising savings of approximately 13 cents per litre. This cashback offer, running until May 24, provides 6% back on gift card purchases, with denominations ranging from $25 to $1,000.
Westpac’s chief executive for consumer banking, Carolyn McCann, commented on the unpredictability of fuel prices and its negative effect on household budgeting. She noted that for many, fuel is a necessary expense, and fluctuating prices create uncertainty. The bank’s cashback program aims to provide everyday savings at a time when customers are actively seeking ways to manage their expenses.
Analysis of spending trends by Westpac indicates that customers spent around $163.4 million on fuel last week, reflecting a 3.8% decrease compared to the previous week, which followed a significant drop of 17.9%. This suggests that recent measures to cut fuel excise are beginning to have a positive impact on household finances. Despite the decrease in spending, fuel expenses remain elevated, with an increase of 16.2% year-on-year. Customers are currently averaging $59.21 per fill-up, a rise of 2.9% from the week before.
The cashback offer is accessible through the Westpac Lounge on ShopBack or the Westpac Rewards Hub, with each customer limited to one purchase per week. Those opting for the maximum $1,000 gift card could potentially save $60 on fuel costs.