Thanks all. It sounds like I'm going to have problems trying to use my credits for upgrades unless I book a long way out.
I'd suggest QR needs to have a little think about how it treats its top tier (big revenue generating) customers, otherwise, business will go to competitors who ply the same markets. Plenty of choice on the kangaroo route.
I get the sense that Privilege Club is a programme in its infancy, and isn't quite up to speed with how to retain frequent flyer custom.