No. I think the points work out at about a dollar per point.
The current price inc postage to me is US$622, which according to
http://www.xe.com is $693
But it will be cheaper than that when you cash your points, on freight I think.
Can't remember how but I know it can be done.
Just searched my emails, found the tent used to be $525 and the points were 40, and I cashed the points with "bonus points for cash - -$1 discount per point redeemed.
Oh man, my email is full of it...
An email from Moontrail -
Thank you for the email. You can redeem the bonus points for cash. They are valued at $1 per bonus point.
Simply add the item to your shopping cart. Create a user account login (you will see the authenication box along left side of the page). Once you have created your user account you can view your shopping cart item. Under the item you will see a bonus point link. Now that you've created an account you can view the bonus items offered and see the redeem bonus points for cash option. Now you can redeem the bonus points for cash.
If you have any problems let me know. We look forward to doing business with you.
That being the case, assuming $55 US discount for the tent, the AU$ price, landed, with the cheapest freight option, is
$550 (tent) + $72 (freight) -55 (points) = US$567 = AUD$633
Hope that helps.