I hope this is a glitch. I am seeing oneway nonstop flights on QF priced at their normal levels. That is, 7.5k and 15k miles in Y and J, respectively. But, then any flight with a connection is Skyhigh Airlines prices. For instance, in mid May SYD-BNE-CNS in Y is 65k miles!! The cash price is $310 AUD making this around $240 USD. That is quite a devaluation if true.

ETA - also seeing typical short haul pricing on BA and IB in Europe. But when there is a connection - good grief - 120K on EI BCN-DUB-LHR. Umm no thanks.