Ok that's what I thought. What a pity for Qantas.
It looks like we will NOT be flying EK then. We need the SC to maintain WP. Qantas loses it seems. Very silly policy. Time to look at another airline program maybe.
Before you discount QF, you should check your OW alternatives...
CX
QF97 - BNE-HKG - 4318 miles + 4318 status bonus + 60 SC
CX - HKG-FRA - 5688 miles + 70 SC
LH - FRA-VCE - nothing
Total on CX - 14324 miles and 130 SC
MH
MH134 - BNE-KUL - 1003 miles and 60 SC
MH4 - KUL-LHR - 1640 miles and 80 SC
BA2583 - LHR-VCE - 696 miles and 30 SC
Total on MH - 3339 miles and 170 SC
BA
QF51 - BNE-SIN - 3818 miles + 3818 status bonus and 60 SC
BA16 - SIN-LHR - 6742 miles and 80 SC
BA2583 - LHR-VCE - 696 miles and 30 SC
Total on BA - 15074 miles and 170 SC
So, QF/EK is the best option for miles (by 2566miles), but other OW carriers are better for SCs (in full Y at least). If you consider the BA option; being the closest to QF in terms of miles, the difference is 80 SC. If on the other hand you book Disc Y, the QF advantage for miles will be huge and the SC difference will be much less.
You should also consider the flight/journey times as well:
BA: 22:05 hrs flying time plus 8:30 hrs transit time = total of 30:35 hours
vs
QF/EK: 20:20 hrs flying time plus 4:30 transit time = total of 25:10 hrs
You need to consider if the additional time is worth those SC