My first reaction upon receiving the email from Qantas a few minutes ago was trepidation. Is this the moment when Qantas do what Air NZ has done over the last few years, and so devalue their mileage points that they shaft their high travel customers?

My second reaction after visiting the website: it's worse than that. I have a balance of half a million Qantas points, and for the types of awards I use points for, they've devalued my points balance by a third. That's over 150,000 miles in value they've cost me in one fell swoop. And that's not counting the diminished value of all the miles and ugprade points I might earn in the future.

No confirmed ugprades anymore? And we're supposed to believe the line that it's going to be a service improvement?

I'm livid. I need a new airline.