Let us take two case studies: one good, one bad.

A Platinum frequent flyer goes return from Sydney to London in First Class. Under the current scheme this (Gold) FF would get about 51,000 points. This is enough for a Business class return ticket from Melbourne to Auckland (I know there are a lot of other destinations available, but this is just an illustrative example).

Under the new scheme this FF would get 21,500 miles x 1.5, making 32,250. The add the 100% bonus from the base rate which makes it 44,000. The FF is 7,000 points WORSE OFF. However they would get 2 upgrade credits. the airline is therefore pushing people away from earning points for masses of free travel and instead encouraging them to buy tickets which they then upgrade, soaking up space and improving yields.

However, this (not so) happy FF can redeem a flight to Hong Kong in First for 125,000 point, a reduction of 35,000. Swings and roundabouts.

My general observations are that Qantas wish to push people away from free premium travel to economy (business is x2 the points than economy) and reward their domestic clientele who go Sydney-Melbourne-Sysney weekly.