Of the 5m Classic reward seats Qantas release, the latest press statement when the changes were announced, said that it included 130,000 international seats in premium cabins (Business / First). This is where the issue is really showing itself. Many (most?) frequent flyers want to use their points for a long haul international flight in a premium cabin. If we assume that the vast majority of flights are return, then 130,000 seats only equates to 65,000 journeys.Many people travel as a couple or family, so its not unreasonable to say that the average booking is for 2 people (some single travellers may offset families of 3,4,5 travellers). So there are only 32,500 available journeys. In reality this will be even less, as a flight SYD->JFK return has minimum 4 sectors and Qantas use married segment logic, such that there needs to be reward availability on each of those sectors. A trip from Sydney, Brisbane or Melbourne to London, Paris, Rome would similarly require more than 1 sector. So the available "journeys" is les than 32,500, but the permutations make it too hard to figure that out. Lets be conservative and say there are only 30,000 journeys for the average booker.