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I see thank you for taking the time to explain that, very helpful.
For future reference what's the math your doing to get the cents per point?
Fairly simple, I usually take the cost price of buying a ticket and subtract any taxes payable on an award booking to find a notional dollar value for the points. I then divide the dollar value (in cents, so just add two zeroes to the dollar amount) by the number of points required.
So in the SYD-MEL example, a cash fare costs $725. An award booking costs 16,000 points plus around $32 in taxes. So I subtract $32 from $725 to get $693 - which is effectively what the 16,000 points are worth. Then divide 69,300 by 16,000 to get 4.33.