How to spend your Qantas refund wisely

Following pressure from the Australian Competition and Consumer Commission’s Covid-19 Taskforce (ACCC), Qantas made the decision late last week to refund passengers whose flights had been cancelled due to travel restrictions.

So, if you are one of the many Qantas customers who previously received credit for your cancelled flight, then you may now be entitled to a refund instead. The question is what are you going to do with it once you get it?

We’ve come up with a list of both fun and frugal ways to use your refund.

1. Soak in the scenery in your state or territory

You may not be able to jet off overseas anytime soon, but that doesn’t mean you can’t explore your own backyard a little.

Why not take your refund and head off on a scenic tour around your local area. Australia has such a vast, open landscape, there’s always something new to see. You could even head to regional areas previously affected by the bushfire crisis, to support local communities trying to get back on their feet.

2. Treat yourself 

While you probably won’t want to blow your full refund on stuff, it might not be a bad idea to have a little splash. If you have the means and you want to treat yourself, why not have a meal out at your favourite restaurant with friends or family.

Or if there’s something you need or you want to buy a gift, you could use some of your refund to support small local Australian businesses. You could even use your money to support Indigenous owned businesses, some of which include Indigiearth, Haus of Dizzy and Kakadu Tiny Tots.

3. Make a tax deductible donation

If there’s a cause that you care deeply about and you have the means, you could donate some of your refund to a charity or Go Fund Me page.

The best bit is it’s almost tax time, meaning you can write off your donation against tax in just a few short weeks!

4. Put some aside for your bills

This one isn’t really as fun, but if Covid-19 has put a strain on your finances, then it might be a good idea to put some of your refund aside for your bills. You could even pay some money into your energy bill early, if your provider has that option. If not, you could simply move it into your savings account, so you’re less tempted to spend it.

5. Open a savings account

If your refund is fairly sizeable and you don’t have anything pressing to spend it on right now, you could put it into a savings account. While you’re at it, you could even review your current account to see if the interest rate you’re receiving at the moment is actually competitive.

Head to Mozo’s compare savings accounts page to see where you could be stashing your cash.

6. Park your refund in a term deposit

Lastly, if you have some long-term goals that you’re working towards, you could think about locking your refund away in a term deposit. 

With Tourism Minister Simon Birmingham suggesting that Australia’s borders will remain closed until 2021, most of us probably won’t be going too far afield in the next six months. The good news is that that’s just enough time to stash some money away in a term deposit and make a little bit of interest. 

Keen to see what term deposit rates are on offer right now? Check out the 1-year term deposits below or head to Mozo’s compare term deposits page for more options.

Compare 1-year term deposits

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Last updated 25 December 2024 Important disclosures
  • Term Deposit

    5.00% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Great rates and incentives incl. 0.10% added loyalty bonus at renewal. Option to have interest paid to another bank. Winner of the Mozo Experts Choice Awards 2024^ for Term Deposits.

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  • Term Deposit

    3.80% p.a.
    1 year

    $5,000

    Yes up to $250,000

    Grow your hard-earned savings with a P&N Bank Money Maker Term Deposit. Enjoy competitive, guaranteed fixed term rates. Interest paid at maturity for terms between 2 and 12 months. Interest rates may vary depending on the terms you select. Minimum amount of $5,000. Maximum amount of $1 million.

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  • SMSF Term Deposit

    5.00% p.a.
    1 year

    $1,000

    Yes up to $250,000

    Apply digitally in minutes and manage your SMSF Term Deposit. Flexible cash flow management with three interest payment frequencies that suit you: monthly, yearly, or at maturity. Choose from terms of 3 months up to 5 years. No application or monthly account fees but eligibility criteria and terms and conditions apply. Only accessible to SMSFs with two or up to four individual trustees or one corporate trustee.

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  • Term Deposit

    4.50% p.a.
    1 year

    $5,000

    Yes up to $250,000

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* Different interest rates apply to different amounts or different interest payment frequencies.

^See information about the Mozo Experts Choice Term Deposit Awards

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