The website only describes it as "Flex" and the details do indicate that it is flexible and is refundable
For earming and upgrade redemption it says
Originally Posted by QF
Qantas Frequent Flyer Program
Qantas Points and Status credits may be earned on this fare and will be calculated on each Segment. For more information check the Airline Earning Table.
You may request Classic Upgrade Rewards on this fare. However, Classic Upgrade Rewards can only be redeemed on flights that are operated by Qantas with a QF flight number.
For the purposes of redeeming Qantas Points for a Classic Upgrade Reward, this fare is classed as Flexible Economy.
I don't agree that it is misleading or deceptive