I think this is two fold,1. Points sold third parties, credit cards, retailers etc and where Qantas Loyalty makes most of it's money.2. Putting on additional capacity and growth for the airline and filling them with FF point customers - dynamic pricing.Take American Express here in the US. You ca...

Interesting point.They must sit on the balance sheet as a liability? At what point do the accounts factor that in as an overall financial risk to the business?Over to you the accounts among us...

I’ve only heard that Qantas has an exemption in place covering everyone. If that goes, let’s face it, every loyalty program is gone - Coles (fly buys), Woolworths, Myer etc.

You are correct, the only way to get value on this card is leveraging the 10% discount. But 2 x $6,000 tickets will probably be in F/J class and give you lounge access anyway.

Does the points + pay options still get you lounge access for J/F class? I assume it would as you are 'buying' the full priced ticket. That said, in almost every case you would not use your points this way due to the very poor return rate.