Yes, this is simple unlike the new non-simple simpler QFF programme.
Status absolutely makes the difference for me between flying being enjoyable or a chore. I directly changed my spending behaviour in favour of Qantas when I got in chasing distance of firstly Gold then Platinum. I have continued to very purposely make all purchasing decisions re. flights be aimed towards maintaining Platinum for a number of years now. Prior to earning status, my spending behaviour was price-driven & thus QF got much less revenue from me or my workplace.
The hugely insulting email from "The Qantas Frequent Flyer Team" (lack of personal signature speaks volumes) informing me I am not rich enough to matter to Qantas has served to create such a vile distaste that I have already made concrete steps away from them. I loved Qantas as an Australian icon & till now have recommended it as first/only choice to all my International work colleagues who visit here for training. I do sincerely hope someone of influence within QF can rescue it from the disastrous leadership in place at the moment.