I got an email with the following:

Last year we celebrated 10 years of Velocity. During this time we have built a world-leading loyalty program*.
As we move forward, I wanted to update you on some adjustments we are making to the program, which will come into effect on 1 June 2016.
Points Expiry
We are making some changes to the expiry of Velocity Points.
Firstly, from 1 June 2016 your Velocity Points will not expire provided you earn or redeem Points at least once every 24 months. Previously, the expiry period was 36 months. Any Points earned from eligible activity prior to 1 June 2016 are not affected by this change and will not expire for 36 months.
Secondly, transferring Points between family members or receiving Points from a Family Pooling relationship will no longer be considered eligible activity to prevent your Points expiring. This change will be applied retrospectively. This means, if on 1 June 2016 your only activity within the previous 36 months is Family Pooling or Points transfer between family members, you will be notified that you need to earn or redeem Points before 30 June 2016 in order to prevent your Points expiring.
Despite these changes:
● It is now easier than ever to remain active by earning Points across a broad range of partners including airlines, credit cards, fuel and online shopping. In the past year alone we have welcomed some major partners including BP, HSBC and Le Club AccorHotels.
● We continue to provide you with more time than any other Australian frequent flyer program to keep your Points active.

Please take comfort knowing you will be notified via email at least 30 days prior to your Points expiring, giving you ample time to earn or use your Points and keep your account active.

Reward Seat Pricing
New Reward Seat bookings flying Virgin Australia or our partner airlines, made on or after 1 June 2016, will be subject to revised Points pricing. As part of these revisions some destinations are increasing in price and others are decreasing. Please see some examples below^:

This is the first time in over five years that we have made adjustments to Reward Seat pricing. During this time Virgin Australia has undergone significant changes to become a full service airline, providing all guests with complimentary checked baggage allowance, in-flight entertainment, food and beverages.
We remain committed to continue offering you all of the benefits that make us a world-class program, including our award-winning Reward Seat availability*. In addition, the taxes and fees payable when you book a Reward Seat will not be affected by these changes.
For more information on all these changes please refer to our Program Updates.
I look forward to keeping you up to date in the coming months as we introduce exciting new features and benefits, including innovative new ways to earn and use your Points.
Yours sincerely,
Karl Schuster
CEO, Velocity Frequent Flyer

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On first glance, the points expiry doesn’t worry me at all.  A simple purchase at BP for fuel or shopping, a purchase from the Velocity shopping portal or E-Rewards will reset the expiry.

The increases on most awards is minimal and some are actually going down.

The biggest devaluation is Etihad who have been moved from Table 1 (cheaper awards) to Table 2 (expensive awards) AND devalued on top of that!

I do have a travel plan for 2017 which includes using Velocity for Etihad on one sector so I am going to have to crunch some numbers and see if I can bring it forward.  I’ve already been messed up by the American devaluation!