The thing is we're paying twice over. We pay the fuel surcharge on the paid fares to accrue points (although the fuel surcharge has now been incorporated into the base fare so it's less transparent), and then we pay it again for a redemption. The cost of earning points has increased, so the 'free' award seat should, in theory, still be free. Except it's not. They slug the fuel surcharge again.
Agree some QF staff will be on higher wages. Those based in AU. But there are also UK based staff (or at least there were for flights to DXB), there are NZ based staff (jetconnect) and for Qantas Group, there are Thai based staff.