With Qantas, you are way better spending them on flights than anything else. Your points will be worth somewhere between around 2.5¢ and 5.4¢ per point.
If you spend your Qantas points in their shop on stuff, like headphones and the like, then you precious frequent flyer point is worth less than a cent - in fact about 0.69¢.
So - in short buy a Qantas ticket, preferably an upgrade for best value (although these are not guaranteed) or a seat at the pointy end. In fact the best bet might be a round the world business class fare - which will make you points worth around 4¢ each. From the SMH:
Finally, consider what for many is the ultimate trip – flying around the world in business class. This costs just 280,000 Qantas points (plus around $1000 in fees and taxes). The cash cost of this junket would be north of $10,000, so you're now clocking up close to a solid 4 cents per point. You’ll be able to fly in business class comfort right around the globe with Qantas and any of its Oneworld partner airlines in the Oneworld alliance, such as British Airways, Cathay Pacific, Japan Airlines, American Airlines and South America’s LAN/TAM.If you want to read a more detailed breakdown, go to David Flynn at the SMH, or Australian Business Traveller
This jaunt is as ideal for a honeymoon as it is for celebrating your new-found ‘empty nest’ status or retirement.
And with the right choice of credit cards to earn frequent flyer points on your spending, you’d be surprised how quickly those 280,000 points come within reach.