Qantas Frequent Flyer 5 to 20 Percent Award Devaluation from August 2025: What Actually Changed and How to Adapt

Your Qantas Points just lost 5 to 20 percent of their value overnight. Here is what actually changed and what to do about it.

The verdict

Qantas Frequent Flyer confirmed a 5 to 20 percent Classic Reward devaluation effective 5 August 2025, is retiring Points Club and Green Tier later in 2026 (announced early 2026 as part of a broader program overhaul), and has added a new Jetstar Points Plus Pay bid-based upgrade pathway to Business Class on Jetstar's 787 international flights. Velocity Frequent Flyer has not devalued its base points pricing in the same way, but it ended the Etihad partnership from 1 June 2025 and the Hawaiian partnership from 1 July 2025, and added Forever Gold and Platinum Plus tiers on 1 October 2025. For Australian members, the adaptation is straightforward: lock in high value Qantas Classic Reward premium cabin bookings that are already ticketed under the old pricing where possible, redirect new premium redemptions toward Velocity partner Business Class where the value math still works, and treat Qantas Points as slightly less valuable but still worth earning on everyday spend.

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What actually changed at Qantas Frequent Flyer

Four material changes, in the order they matter most to a typical member:

• Classic Reward pricing rose 5 to 20 percent across a broad set of routes and cabins. Economy Classic Reward redemptions rose roughly 5 to 15 percent, while Business and First Class rose up to about 20 percent on long-haul routes. The increase applies to both Qantas-operated flights and partner airline redemptions, with premium cabin partner routes taking the largest absolute point increases. Short-haul Zone 1 economy is affected too, though the dollar-equivalent impact is smaller because the base cost was already low. Sydney to Melbourne economy Classic Reward moved from 8,000 to 9,200 points one-way, a 15 percent lift. One exception cuts the other way: Jetstar-operated economy Classic Rewards on short-haul routes under 600 miles dropped by approximately 11 percent (Sydney to Gold Coast one-way moved from 6,400 to 5,700 points). Verify the current table at qantas.com/frequentflyer for your specific route and cabin before booking.
• Classic Upgrade Rewards also rose. Upgrades from economy to business increased roughly 15 percent on shorter routes and up to 20 percent on longer routes. Sydney to Melbourne flexible economy to business upgrade moved from 5,400 to 6,200 points; Sydney to Perth discount economy to business upgrade moved from 27,200 to 32,600 points.
• Points Club is being retired later in 2026. Points Club is a recognition tier that rewarded high non-flight points earn (credit cards, Woolworths, Bupa, everyday partners) separately from Status Credit tiers. Qantas announced the retirement in early 2026 alongside a broader Frequent Flyer program overhaul that introduces new ground earn categories (up to 140 Status Credits per year across cards, banking, utilities, insurance, groceries, fuel, hotels, retail, food and wine, and entertainment) and Status Credit rollover. Members who currently sit at Points Club or Points Club Plus keep the benefits through their current membership year and their next membership year.
• Green Tier is being retired later in 2026. Green Tier was the sustainability recognition tier introduced in 2021, rewarding members who logged five eligible sustainability actions per year. It is being retired as part of the same 2026 overhaul, with Qantas indicating it will consider new ways to reward members who make sustainable choices when they fly.
• Jetstar business class upgrades via Points Plus Pay launched in 2026. Jetstar introduced a Points Plus Pay bid-based upgrade pathway on its Boeing 787 international flights, allowing eligible Qantas Frequent Flyer members to bid a combination of up to 80 percent Qantas Points plus a minimum cash component to upgrade from economy to business class. Routes covered include Singapore, Thailand, Japan, Vietnam and Seoul. Jetstar has also flagged a future Classic Upgrade Rewards style product. Verify eligible flights and bidding rules at jetstar.com before booking.

Status Credit tiers (Bronze, Silver at 350, Gold at 700, Platinum at 1,400, Platinum One at 3,600) are unchanged. Lifetime status thresholds are unchanged. Points expiry (18 months of inactivity) is unchanged. Everyday earn partners (Woolworths, BP, Bupa, Qantas Wine, hundreds of retail brands) are unchanged.

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The 5 to 20 percent math: what got hit hardest

The Classic Reward increase is not uniform. Reading across the announced changes and the point-value tracking published by Point Hacks Australia and Australian Frequent Flyer:

• Premium cabin long-haul partner redemptions took the largest cent-per-point cut. A pre-devaluation Qantas Classic Reward on partner Emirates or Qatar business class Sydney to London delivered roughly 1.9 to 2.1 cents per point (as of 2026-07 editorial estimates). Post-devaluation, that same seat is closer to 1.5 to 1.7 cents per point after the 5 to 20 percent points-cost increase against unchanged cash fares. These remain among the highest value redemptions available; they are just less exceptional than before.
• International Qantas-operated business and first class on flagship routes (Sydney to Los Angeles, Perth to London, Sydney to Johannesburg) has moved up in points cost. The cent-per-point value stays reasonable because cash fares in these cabins are high, but the absolute points-cost increase is meaningful, adding 20,000 to 40,000 points to a typical one-way business class redemption in the highest zones.
• Short-haul Zone 1 economy (Sydney to Melbourne, Sydney to Brisbane, one-way) rose in points terms too, but the underlying cash fare is small enough that the dollar-equivalent impact is a few dollars per redemption.
• Off-peak Classic Reward availability on flagship international routes has continued to expand in absolute terms following the multi-year member-pressure push through 2024 and 2025, so the practical availability of a business class reward seat has not deteriorated even though the price per seat has.

The redemption sweet spots that survive best are: Qantas-operated economy long-haul when off-peak availability opens up, partner economy on shorter routes (Cathay Sydney to Hong Kong, JAL Sydney to Tokyo), Jetstar-operated short-haul economy Classic Rewards (which dropped about 11 percent), and the new Jetstar Points Plus Pay business class bid pathway where the points cost per delta value can be competitive against cash fare differences depending on the winning bid.

The redemption spots that get worst hit: Emirates and Qatar business class on ultra-long-haul, Cathay first class, and partner first class generally.

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How Velocity compares after the QFF changes

Velocity Frequent Flyer has not announced an equivalent broad Classic Reward devaluation for 2026, but it has moved through several structural changes worth reading against QFF:

• Etihad partnership ended 1 June 2025. Velocity members can no longer earn or redeem Velocity Points on Etihad flights taken from that date. Historical Etihad redemption bookings ticketed before the end date remain valid. This followed Qatar Airways' agreement to acquire a 25 percent stake in Virgin Australia, with Virgin doubling down on the Qatar Airways partnership as the primary Middle East and Europe redemption route.
• Hawaiian partnership ended 30 June 2025. Velocity members no longer earn or redeem Points on Hawaiian Airlines flights from 1 July 2025. Hawaiian is joining Qantas and the oneworld alliance, and Qantas announced its own Hawaiian partnership launching in October 2025.
• Forever Gold and Platinum Plus tiers launched 1 October 2025. Forever Gold is a lifetime Gold recognition tier that unlocks for members with 12,000 lifetime Status Credits (9,000 of which must be earned on Virgin Australia marketed or operated flights, flown by the member, since 1 February 2013). Platinum Plus is a new elite tier above Platinum with additional perks including a companion Platinum membership gift. Both give recognition to Virgin Australia's most loyal flyers.
• Velocity Reward Seat pricing on Virgin Australia domestic is fully dynamic. Lead-in economy fares start from around 5,900 points one-way plus taxes and rise with demand.
• Base points pricing on Velocity Reward Seats has not moved through a broad Classic-Reward-style devaluation in 2026. Velocity Points on standard Reward Seat redemptions remain in the approximately 1.4 to 1.7 cents per point range on strong redemptions (as of 2026-07 editorial estimates from Australian point-value trackers).

The practical read for Australian members: Velocity Points did not just quietly become more valuable than Qantas Points because of one devaluation. Both programs sit in a similar cent-per-point band after the changes, with different distributions of where the value lives. QFF still has the deeper alliance (oneworld) and the deeper everyday-earn ecosystem. Velocity has a leaner partner list (Singapore Airlines, ANA, Qatar Airways, United, Virgin Atlantic) but still delivers competitive value on those partners.

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How to adapt: what to lock in, what to abandon

Practical moves for the next 6 to 12 months:

Lock in early:

• Any long-haul partner business or first class redemption you already have points for and a firm travel date for. If the ticket is available for issuance under the current Classic Reward table, book it. The value differential between pre-devaluation and post-devaluation ticketing on premium cabin partner seats is meaningful.
• Cathay and JAL business class off-peak to Asia. These remain among the strongest post-devaluation Classic Reward values from Australia.
• Qantas-operated business class on the new London and Los Angeles capacity where off-peak availability is expanding. Post-devaluation, still one of the better home-carrier premium redemptions.

Redirect:

• New Middle East business class redemptions. Emirates and Qatar via QFF sit less favourably post-devaluation. Consider redirecting new bookings toward Velocity Qatar Airways partner Reward Seats (Velocity kept Qatar) or booking cash and stacking cashback through an OTA route.
• First class redemptions. The 2026 devaluation hits first class hard. First class as a Classic Reward now delivers weaker cent-per-point than mid-tier business class on most partner airlines. Redirect points at business class where reasonable.

Abandon:

• Points Club and Green Tier chases. Both tiers are being retired. Any activity solely aimed at qualifying for these tiers should stop.
• Speculative points hoarding. Points sitting in an account are exposed to future devaluations. Post-2026 devaluation, the marginal point is worth less; earn and burn is more valuable than a large idle balance.
• Comparing QFF to Velocity on a headline point-cost basis alone. The two programs have different reward structures. A Sydney to Melbourne comparison on the fixed Classic Reward table (Qantas Zone 1) vs the dynamic Velocity Reward Seat pricing is not directly comparable; you have to compare across a full month of typical bookings.

The most common member mistake right now is over reacting: cashing out large balances into low-value merchandise or gift cards just because the devaluation was announced. The cent-per-point on Classic Reward flights remains higher than merchandise across all cabins.

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Credit card transfer partner impact

The 2026 QFF devaluation flows through to credit card points too, because most Australian points-earning cards ultimately convert to Qantas Frequent Flyer or Velocity Frequent Flyer.

• Amex Membership Rewards transfers to both Qantas and Velocity at 2:1 following the December 2025 Amex devaluation (two Membership Rewards points for one airline point). Post-2026 QFF Classic Reward devaluation, an Amex point going into Qantas delivers roughly 5 to 20 percent less value on premium cabin redemptions than it did before. The Velocity leg of the same Amex conversion is unchanged in points-cost terms, so Amex earners with mixed intent may lean slightly harder toward the Velocity conversion for premium cabin work going forward.
• ANZ Rewards transfers to Velocity at competitive ratios and to a limited set of QFF-adjacent options. The transfer economics tilt toward Velocity for members who chase premium cabin.
• Qantas Premier and Qantas Money credit cards earn Qantas Points directly. The earn rate per dollar has not changed; the redemption value of the earned point has dropped by 5 to 20 percent on Classic Reward. Cards deeply optimised for Qantas earn are less valuable in real terms; members should re-evaluate whether the annual fee still pays back at post-devaluation Classic Reward values.
• Westpac Altitude Qantas option and Westpac Altitude Rewards (transfer to Velocity) reflect the same shift.
• NAB Rewards and CBA Awards transfer primarily to Velocity at competitive ratios; unchanged in cent-per-point terms.

For members earning heavily on a Qantas-branded credit card and rarely burning at premium cabin, the practical impact is smaller. For members earning on a flexible Amex or Membership Rewards card, the shift makes the case for splitting some conversion volume toward Velocity clearer than it was six months ago.

Verify current transfer ratios with your card issuer before transferring; issuers change ratios independently of the airline programs.

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What this means for status chasing

Status Credit thresholds are unchanged in 2026: Qantas Silver 350, Gold 700, Platinum 1,400, Platinum One 3,600. Lifetime thresholds are unchanged: Lifetime Silver 7,000, Lifetime Gold 14,000, Lifetime Platinum 75,000.

However, the effective value of Qantas status has shifted slightly because the underlying points redemption value has dropped. Concretely:

• Qantas Platinum still delivers oneworld Emerald reciprocity (the most-recognised premium status globally), guaranteed reward seat access on Qantas-operated flights, priority services, and preferential upgrade priority. These non-points benefits are unaffected by the Classic Reward devaluation. For frequent international long-haul travellers, the case for chasing Platinum is broadly intact.
• Qantas Gold delivers oneworld Sapphire lounge access and priority services, again independent of the Classic Reward pricing. Case for chasing Gold is unchanged.
• Platinum One invitation-only recognition (3,600 Status Credits) remains the top personal tier. Benefits (dedicated support team, additional companion upgrade eligibility, priority ex-Australia reward seat access) are unchanged.

The one softer element is that members chasing Points Club under the old structure need to abandon that specific pursuit as the tier is retired.

Comparatively, Velocity Gold (500 Status Credits) and Platinum (1,000 Status Credits) remain faster to earn for domestic-heavy travellers, with the new Forever Gold and Platinum Plus tiers adding lifetime and elite recognition.

The rough test from the sibling Qantas vs Velocity analysis still applies: for 4 or more international long-haul flights a year, Qantas Gold or Platinum still pays back; for 6 or more domestic return trips plus one international trip a year, Velocity Gold still pays back.

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Frequently asked questions

How big is the Qantas Frequent Flyer devaluation in 2026?

Qantas Frequent Flyer has announced a 5 to 20 percent increase in Classic Reward points pricing across a broad set of routes and cabins effective August 5, 2025. The exact percentage varies by zone and cabin, with premium cabin partner redemptions among the hardest hit. Reward pricing changes over time; verify the current Classic Reward table at qantas.com/frequentflyer before locking in a redemption.

Are Qantas Points Club and Green Tier being axed?

Yes. Qantas announced in early 2026 that Points Club and Green Tier will be retired later in 2026 as part of a broader Frequent Flyer program overhaul that also introduces new ground earn categories and Status Credit rollover. Members who currently sit in these recognition tiers continue to enjoy their benefits through their current membership year and their next membership year. Status Credit tiers (Bronze, Silver, Gold, Platinum, Platinum One) are unchanged.

Can Qantas Points now upgrade Jetstar to business class?

Yes. Jetstar launched a Points Plus Pay bid-based upgrade to Business Class on its Boeing 787 international flights in 2026, where eligible Qantas Frequent Flyer members can offer up to 80 percent Qantas Points plus a minimum cash component to upgrade from economy. The 787 fleet operates routes from Australia to Singapore, Thailand, Japan, Vietnam and Seoul. Jetstar has also flagged a future Classic Upgrade Rewards style redemption. Verify eligible flights and bidding rules at jetstar.com and qantas.com/frequentflyer before booking.

What is a Qantas point worth after the 2026 devaluation?

Editorial estimates from Australian point-value trackers put a Qantas point at approximately 1.9 to 2.1 cents before the August 2025 devaluation on strong Classic Reward premium cabin partner redemptions, dropping to approximately 1.5 to 1.7 cents after the 5 to 20 percent haircut (as of 2026-07). These are indicative estimates that shift as programs revise reward pricing; treat any single cents-per-point figure as a starting point rather than a fixed rate.

Is Velocity Frequent Flyer also devaluing in 2026?

Velocity has not announced a broad points-pricing devaluation for 2026, but it has moved through several structural changes. The Etihad partnership ended on 1 June 2025 and the Hawaiian Airlines partnership ended on 1 July 2025. New status tiers (Forever Gold and Platinum Plus) launched in October 2025. Velocity Reward Seat pricing on Virgin Australia domestic flights is fully dynamic, with lead-in economy fares from around 5,900 points one-way plus taxes. Verify current partner status and reward pricing at velocityfrequentflyer.com.

Which Qantas redemptions got hit hardest by the 2026 devaluation?

The 5 to 20 percent Classic Reward increase falls hardest on premium cabin partner redemptions where the pre-devaluation cent-per-point was highest, including Qantas and partner business and first class long-haul routes to the US, Europe, and the Middle East. Short-haul Zone 1 economy redemptions such as Sydney to Melbourne are affected in absolute terms but the dollar-equivalent impact is smaller. Verify the current Classic Reward table at qantas.com/frequentflyer for your route and cabin.

How can I earn cashback on Qantas flights and travel booked around them?

ShopBack Australia lists cashback on the main booking platforms Australians use around Qantas flights. For flight comparison, route through Skyscanner or Trip.com before clicking to the airline or OTA. For hotels around your Qantas flights, activate ShopBack at Booking.com, Agoda, Hotels.com or Wotif before booking. Cashback tracks separately from any airline loyalty points; verify the current published rate on each merchant page before booking.

Does ShopBack Australia work for Klook bookings on Qantas trips?

Yes. Klook and Traveloka are ShopBack Australia partners for tours, day trips, attraction tickets, eSIMs and airport transfers used on trips across the Qantas network. Activate ShopBack before clicking through, complete the booking in one session, and cashback tracks on eligible order value at the current published rate on each merchant page.

Which booking site is cheapest for hotels around Qantas flights?

No single site is consistently cheapest. Agoda tends to be strong on Asia inventory used by Qantas partner routes, Booking.com carries the broadest global inventory with flexible cancellation, Hotels.com rewards repeat bookings through One Key, and Wotif holds Australian bundle inventory. Prices on the same room on the same date can differ 5 to 15 percent between them; compare all four before locking in, and route through ShopBack on whichever wins for cashback on top.

Can I get cashback on a flight and hotel package to a Qantas destination?

Yes. Flight and hotel packages are a distinct listing on Expedia AU and Trip.com, where the combined price typically beats booking flight and hotel separately for fixed-date itineraries. Luxury Escapes runs curated four to five star packages with breakfast and airport transfers bundled in. Activate ShopBack before clicking through; cashback tracks on eligible package spend at the current published rate on each merchant page.

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Key takeaways

• Qantas Frequent Flyer Classic Reward pricing rose 5 to 20 percent from 5 August 2025, hitting premium cabin partner redemptions hardest; Jetstar-operated short-haul economy Classic Rewards moved the other way, dropping about 11 percent
• Points Club and Green Tier are being retired later in 2026 (announced early 2026); Status Credit tiers (Silver, Gold, Platinum, Platinum One) are unchanged
• Jetstar Points Plus Pay bid-based business class upgrades launched in 2026 on Boeing 787 international routes
• Velocity did not devalue base points pricing in 2026 but did lose Etihad (1 June 2025) and Hawaiian (1 July 2025) partnerships and added Forever Gold and Platinum Plus tiers on 1 October 2025
• Practical adaptation: lock in high-value premium cabin Classic Reward bookings under old pricing where possible, redirect new premium redemptions toward Velocity where the value math works, and prioritise earn-and-burn over hoarding
• ShopBack cashback on travel partner bookings stacks with the points earn on the underlying flight or hotel

💡 Book Qantas flights and lock in remaining award value on ShopBack Stack cashback on flights and hotel bookings on top of the points you already earn.

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Disclaimer

The views and recommendations expressed in this article are those of the author.

Frequent flyer earn rates, Status Credit requirements, reward seat pricing, partner ratios, points expiry rules, and program terms are subject to change. Reward availability varies by route, date, and demand. Please verify current program terms, points balances, and redemption pricing directly with Qantas Frequent Flyer or Velocity Frequent Flyer before booking.

This article is intended for general informational purposes only and should not be considered travel or financial product advice.