As it stands, Loyalty Points would be a non cash payment facility under the corporations act. ASIC has however, granted loyalty program operators relief from sections of the act (licensing, disclosure, conduct) where they meet certain characteristics, by declaring them not to be such a facility.
It's also worth noting that the court ruling that exempted loyalty points from FBT took into account the fact that award tickets could only be used for family members.
People pushing for open slather on what they can do, and what they can trade, need to consider the whole legal framework around what they are suggesting. The results may not be in anyones interests.