The QF version of the OneWorld Award calculates the distance including the return to the point of origin. But, that is as a point-to-point distance from the last stop to the starting point, not tracing back along the outbound route.

So if you start in LHR and go something like LHR-SIN-BNE-LAX-JFK-MAN, the QF distance calculation will include a MAN-LHR sector.

Last year I redeemed 7 x QF OneWorld 35,000 mile awards going BNE-LAX//LAS-DFW-MCO//YYZ-LHR-KBP//KBP-LHR-NCL//TXL-HEL//HEL-FRA-HKG-SYD-BNE. This is designed to be able to function as a RTW award.

You could also use the QF/BA or QF/AA partner award as a RTW. So for 220K QF points, you could travel up to 30,000 miles on QF/BA or QF/AA. So if your main goal is to get from London to Brisbane in business class, you could go LHR-SYD-BNE-SYD-JFK-LHR, which is under 25,000 miles and still have 5000 miles up your sleeve.

Given that the shortest path between LHR and BNE return is over 21,000 miles, you are into the zone 5 catagory anyway, so its the same number of points to make it a RTW so long as you stick to just QF and either BA or AA as the airlines used.