What is a Qantas point now worth?
Classic Plus economy: 1c/pt
Short-haul economy: 1.1c/pt*
Classic Plus premium: 1.5c/pt
Long-haul premium: 2.1c/pt**
And remember, this long-haul premium figure is outside of a sale period (ie the value is even worse during sales) & compares like for like (ie the value is even worse if you compare it to the cash price of a cheaper, but equally good, Qantas competitor like Cathay).
*
Sydney-Melbourne economy one way classic award: 9.2K + $71
Sydney-Melbourne economy one way cash fare on Qantas:
$179 + 800 points earn
Points cost: 9.2K + 800 = 10K
Cash saving: $179 - $71 = $108
Point value: 108/10000 = 1.1c/pt
**
Sydney-London business return classic award: 332K + $1775
Sydney-London business return cash fare on Qantas:
$10.2K + 62K Platinum points earn^
Points cost: 332K + 62K = 394K
Cash saving: $10.2 - $1.8K = $8.4K
Point value: 8400/394000 = 2.1c/pt
^Given only a Platinum or above would be able to attain a Qantas-operated Sydney-London classic award (ie Bronzes stand next to no chance), it seems the appropriate status level to determine the value here.