Qantas makes money out of its frequent flyer program by selling points to companies such as banks and credit card companies.

It is currently run by offering frequent flyers capacity the airline doesn't think it can sell.

This means there are limited number of seats available and that availability has shrunk as demand has increased.

Qantas is now looking at making all its inventory available to frequent flyers.

"Just like going online, or going through a travel agent or ringing up direct, if you've got enough points you may be able to go in there and buy a seat with your points rather than with cash or credit card," Mr Gregg said.

"So you can take any seat any time out of inventory.

"As well as that, you still leave the marginal piece in place.

"So if there's spare capacity in the system and people want to redeem their frequent flyer points using that spare capacity on a marginal basis, they will be able to do that to the extent that it's available."

Mr Gregg said people wanting to book a seat taken out of inventory that could have been sold would have to pay more points.

"Whether it's the same as what you pay if you bought a seat through a travel agent will be the twitch," he said.