I am moving from London to Australia soon. While I will continue flying with Skyteam on routes to Europe and South America (for which my AF/KL Platinum status will come in handy), I am currently looking for a frequent flyer programme that I would like to use when flying in Australia, in the South Pacific region (New Zealand and all these beautiful Pacific islands in the area), and for flights from Australia to the US.

As far as I can see, there are three reasonable options: Quantas, NZ Airpoints and Virgin Velocity. I am inclined to choose either NZ's Airpoints programme or VA's Velocity, as both NZ and VA offer affordable Permium Economy flights from Oz to the US. (QF is too expensive IMHO.)

For me, an important aspect when making a decision about the programme would be the options for upgrading from Premium Economy to Business that the programme offers.

Does anybody know what type of upgrade opportunities exist with VA?
(Upgrade with Velocity points? Velocity points plus cash? Cash upgrades on the day of departure? Etc.)