Being in Oz, you can redeem your CO miles for SkyTeam awards.

SkyTeam includes Korean, which of course gets you to SEL but you can redeem SYD to pretty much anywhere in Asia.

It includes Alitalia, Air France, KLM, Czech and even Aeroflot so you can fly to pretty much anywhere in Europe.

And as I recall, KL and AF flights ex-SYD stop in BKK or SIN or KUL, and I think Fifth Freedom rights allow them to carry you SYD-BKK-SYD, etc.

And Continental flies from Cairns to GUM, which in itself is not exciting, but you can fly GUM-DPS (if you can't tear yourself away from Ozzies), or HKG, or many Japanese locations, or Hawaii, or do the island-hopper through Micronesia (I personally like Yap, where they still have the huge stone money).

Of course for NA, you have not only CO but DL, Northworst and Aeromexico.

Finally, not sure about QF awards, but maybe you can fly QF to someplace other than North America?