I see the announcement makes no reference to the RBA decision to...

I see the announcement makes no reference to the RBA decision to include AMEX under the 50bps interchange cap for companion cards. The press haven't picked up on this yet, although no surprise there! - but in short this is how the banks fund their Loyalty cards as Visa/MasterCard already capped so the companion card issued to pick up on much higher AMEX interchange rates .

This change will have a massive impact upon the points awarded on credit cards, a number of the issuers have already started to reduce their earn rates and in turn the money that QAN gets from the Banks for purchase of QFF points.

It's been coming for a while .. based upon circa $500-600M of points going to QAN credit cards I'd estimate this will reduce Qantas loyalty spend by the majors by around $200M per year, could be more longer term.

I would have thought this was also worth including in the market update!