Well, 545,000 Westpac Altitude points are worth:
- 181,667 Velocity points
- 181,667 KrisFlyer miles
- 181,667 Asia Miles
- 181,667 Enrich Miles
- 3,027 NZ Airpoints Dollars
With Velocity it costs 139,000 points for 1x business class ticket to Europe, one-way. With Asia Miles it's 85,000 miles one-way or 170,000 miles return if you fly with Cathay Pacific, so you have enough points for one ticket.
With KrisFlyer you need 116,000 miles one-way for business class to Europe, but this reduces to 88,000 miles if you fly to somewhere like Istanbul, Larnaca, Tbilisi, Tel Aviv, Casablanca or Marrakech. So, you'd have enough for 1x return ticket if you choose your destination carefully.
As
@Dr Ralph says, you need more points. But if you want to book now, your options are basically:
- Book one ticket on points and pay for the second ticket; or,
- Redeem points for 2x return business class tickets to Asia and pay for (cheap) return business class tickets from Asia to Europe. There are often good round-trip deals to Europe from Jakarta, Bangkok, Manila, etc.