How Much Is 1 Qantas Point Worth in 2026? (The Real Values After the Devaluation)
After the 5 August 2025 devaluation, a Qantas Point is worth anywhere from half a cent to eight cents. Here is the honest, 2026 breakdown with real cents per point values for every redemption type, and the four rules for spotting a great redemption.
In April 2026, 1 Qantas Point is worth roughly 0.5 cents to 8 cents depending on how you redeem it. The best value comes from Classic Reward Business Class flights (3 to 7 cents per point) and flight upgrades (5 to 8 cents per point). The worst value is the Qantas Rewards Store at about 0.5 cents per point. After the 5 August 2025 devaluation, most Classic Reward flight prices increased by 5 to 20 percent, and carrier charges also rose.
Points devalue over time. Airlines announce new reward charts, adjust carrier charges, quietly trim reward seat availability. For Australians sitting on six figure Qantas balances, the question gets louder every year: what is a point actually worth today?
Short version, the answer depends entirely on what you spend them on. A business class reward flight to Asia can return 6 cents per point. A coffee machine from the Qantas Rewards Store returns half a cent. Same point, twelve times the value on one redemption versus the other. This guide shows you exactly what to expect in 2026, backed by real current pricing.
Qantas Point values in 2026: the complete table
These are the typical values for 1 Qantas Point across every major redemption type, based on current Qantas pricing as at April 2026 after the August 2025 devaluation. Values are calculated by comparing the equivalent cash fare (minus taxes and carrier charges) against the points required.
| Redemption | Value per point | Rating | Best for |
|---|---|---|---|
| Business Class upgrades | 5 - 8 cents | Excellent | Existing economy bookings on long haul |
| Business Class Classic Rewards | 3 - 7 cents | Excellent | International premium cabin flights |
| Premium Economy Classic Rewards | 4 - 5 cents | Strong | Long haul flights with more space |
| First Class Classic Rewards | 3 - 5 cents | Strong | Aspirational redemptions, limited availability |
| Economy Classic Rewards (international) | 1.5 - 2.5 cents | Acceptable | Expensive peak season routes |
| Economy Classic Rewards (domestic) | 1.5 - 2 cents | Acceptable | Regional routes with high cash fares |
| Classic Plus Rewards (economy) | 1 cent (fixed) | Acceptable | When Classic availability is gone |
| Classic Plus Rewards (premium) | 1.25 cents (fixed) | Acceptable | Backup for premium seats |
| Points Plus Pay flights | 0.6 - 1 cent | Weak | Avoid unless clearing a small balance |
| Hotel bookings (via qantas.com/hotels) | ~0.7 cents | Weak | Last resort |
| Car hire (Avis, Budget via Qantas) | ~0.7 cents | Weak | Not recommended |
| Qantas Rewards Store (goods, gift cards) | ~0.5 cents | Poor | Only if points are about to expire |
The 2 cent baseline: why most experts use it
When Australian points experts refer to a "baseline" value for Qantas Points, they almost always land on 2 cents per point. That number comes from the Australian Frequent Flyer Reward Valuation, published annually, which uses a weighted basket of 16 typical Australian redemptions (economy flights, business upgrades, gift cards) and calculates the average cents per point return across all of them. As of December 2025, the official AFF valuation landed Qantas Points at around 1.9 to 2.1 cents.
So when we say "is this redemption good value", the rule is simple: anything above 2 cents per point beats the baseline. Anything below 2 cents means you would be better off earning cashback on that spend, assuming a decent cashback rate of 5 percent or higher. This is the entire reason the 1 cent rule exists, which we cover in detail in our cashback versus Qantas points guide.
What 100,000 Qantas Points actually buys you in 2026
Abstract cents per point numbers are useful, but most people want to know what a realistic balance delivers. Here is what 100,000 Qantas Points gets you today, assuming you can find Classic Reward availability.
What the August 2025 devaluation changed
On 5 August 2025, Qantas pushed through one of the larger devaluations in the program's recent history. Here is what shifted:
Points prices increased by 5 to 20 percent on most routes
Economy Classic Rewards on popular routes saw the smaller end of the increase (around 5 to 10 percent). Premium cabin redemptions, especially Business Class on the most valuable partner airlines, saw the larger increases (up to 20 percent on some sectors). Short domestic flights were least affected.
Carrier charges went up
Even when you redeem points, you still pay taxes, fees and carrier charges in cash. Those cash components rose alongside the points costs. A London business class redemption that used to cost around $600 in fees now typically charges over $700, depending on the fare class of your origin.
Points Plus Pay ratios got worse
The Points Plus Pay option lets you pay for any Qantas flight with a mix of points and cash. The ratios shifted in August 2025 so that the cash portion is now a larger share of the total. This pushed Points Plus Pay down from around 0.9 cents per point to roughly 0.6 to 0.8 cents, making it even weaker value.
What did not change
The underlying Classic Reward and Classic Plus Reward chart structures stayed the same. The earn rates on Qantas flights, credit cards and partners also stayed the same. And importantly, Qantas confirmed it will not move to a revenue based earning model (unlike United Airlines in the United States). So the program's architecture is stable, just more expensive to use.
The 4 redemptions that still return over 5 cents per point
1. International Business Class upgrades from Flexible Economy
Qantas offers upgrades from Flexible Economy to Business Class on many international routes for between 10,900 and 30,000 points, one way. A Sydney to Singapore Flexible Economy fare might cost $1,800; upgrading for 29,900 points (plus a small cash differential) to Business Class lands the equivalent $4,500 business fare. That is 7.8 cents per point, on a single redemption.
2. Partner airline Business Class on Emirates, Cathay Pacific or British Airways
A one way Sydney to London Business Class redemption costs 144,600 Qantas Points. Cash equivalent is typically $8,000 to $12,000 depending on season. Even on the cheaper end, that is 5.5 cents per point. On Cathay Pacific via Hong Kong, the equivalent redemption lands between 5 and 7 cents per point consistently.
3. Economy flights on expensive short routes
Routes like Sydney to Lord Howe Island, or regional routes to Broome or Uluru, have unusually high cash fares. A $900 Brisbane to Longreach fare redeemed for 18,400 points is 4.9 cents per point in economy. This is one of the few cases where economy punches above its weight.
4. Qantas First Class on the A380 (when available)
First class on the A380 routes (Sydney or Melbourne to Singapore, LA or London) costs between 180,000 and 288,400 Qantas Points one way. Cash equivalent is often over $14,000. On the right routes, this consistently returns 5 to 7 cents per point, though availability is extremely limited.
The 3 redemptions to actively avoid
1. The Qantas Rewards Store
Every gift card, coffee machine, hotel voucher and wine hamper in the Qantas Rewards Store returns around 0.5 cents per point. That means 10,000 points gets you about $50 of goods. The same 10,000 points as part of a Business Class upgrade could save you $500 or more. The Store exists for a reason (Qantas has to offer something to members who never fly), but if you have the option to save those points for flights, you should.
2. Points Plus Pay on full fare flights
Points Plus Pay turns your points into a flat cash discount of about 0.6 to 1 cent per point on any cash flight. This is the lowest flight redemption value Qantas offers. Use it only to zero out a small points balance you cannot otherwise spend, not as a main strategy.
3. Hotels and car hire through the Qantas portal
A hotel booking that would cost $200 cash might be available for around 28,000 points. Cash equivalent: roughly 0.7 cents per point. You are far better off earning cashback on the hotel booking via ShopBack or TopCashback (often 4 to 8 percent), paying with a points earning credit card, and saving your Qantas Points for flights.
How to calculate value on any redemption (the 30 second method)
Before you commit points to any redemption, run this calculation in your head:
- Find the cash price of the exact same product or flight. Not a similar one, the same one. For flights, check the cheapest equivalent ticket in the same cabin on the same date.
- Subtract the taxes, fees and carrier charges you would still pay on the points redemption. Those are cash out of your pocket either way.
- Divide the remaining cash value by the number of points required. Multiply by 100 to get cents per point.
- Compare to your personal baseline. Most Australians should aim for 2 cents or higher. If you have a large points balance that would otherwise expire, 1 cent might be acceptable.
Are Qantas Points worth earning in 2026?
Yes, but with intent. The era of earning points for "something fun one day" is over. Points now need a specific destination, a flexible date window, and a willingness to book the moment availability opens up (usually 354 days in advance). If you have a travel plan and can execute against it, Qantas Points remain one of the best value rewards currencies in Australia.
If your points just sit and accumulate without a plan, their value erodes every year through devaluations. In that case, you are better off directing your spending toward a cashback platform like ShopBack or TopCashback where the return is in real dollars that do not expire or devalue.
Final verdict on 1 Qantas Point in 2026
For practical purposes, value your Qantas Points at 2 cents if you know you will use them for flights, 1 cent if you are not sure yet, and 0.5 cents if you will only redeem them for store goods. Use the 2 cent baseline as your decision threshold. When a redemption beats it clearly, take it. When it comes in below, either wait for better availability or redirect your spending to cashback instead.
The program still works. It just rewards planning more than ever. Most importantly, keep your points active (the four layer stacking method does this effortlessly) and set a clear redemption goal before you start accumulating.