I note that existing system is still going to operate. However, There is nothing to be enticed in the new scheme, all it does is provide more seats that people can book using points at a cost of giving away higher points so that benefits to Qantas is there but nothing for the consumer as required points has increased in the new scheme. Hence, value of points downgraded as you need double the points then what you need under the current system.
Ann: Qantas Group Announces Frequent Flyer Program Expansion, page-9
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