I'm trying hard, very hard to like Qantas again. But I can't I just can't.
Good news? The surcharge reductions have flowed through. The fuel surcharge has dropped, as promised, for example on MEL-SIN return, by $40. It's a start. The fuel surcharge on an award booking MEL-SIN-MEL has dropped to $330 as promised.
Bad news? If you're travelling in the other direction. Flying in the other direction (SIN-MEL-SIN), as far as I can tell the fuel surcharge has dropped just $15 AUD on a return basis. The fuel surcharge on award booking is still about $415 AUD return - some $85 more than exactly the same flights taken in the other direction. Not that I'd ever use points, with current fares, it values 60000 points at about $110 AUD (ie fare of $120 SGD + $580 SGD in taxes and fuel surcharges).
Naturally QF's fuel contracts are set up so that they pay more for fuel if they have any passengers on board with tickets issued outside Australia.
Please excuse my cynicism.