Devaluation: Qantas Hikes Emirates Award Rates Up To 30%

What Is the Qantas Emirates Devaluation?

In a major blow to frequent flyers, Qantas has announced a significant restructuring of how members redeem points for Emirates flights. Effective March 31, 2026, Emirates redemptions will move from the existing table to a new, dedicated Emirates award chart. This shift results in price increases of up to 30% for premium cabins.

Furthermore, Qantas is implementing strict non-pricing barriers. Starting February 18, 2026, access to Emirates First Class inventory will be restricted exclusively to members with Qantas Silver status or higher, effectively locking out casual points collectors and credit card churners from one of the world’s most aspirational redemptions.

The New March 2026 Award Chart: By the Numbers

The new pricing structure penalizes long-haul premium cabin travelers the most. While Economy rates remain relatively stable (and in some rare cases, slightly cheaper than partner rates), the “sweet spots” for Business and First Class are being eroded.

Here is the breakdown of the changes for the most popular route zones:

The Math: On a return trip to London in First Class, you will now pay nearly 600,000 points plus nearly $4,000 AUD in carrier charges. For many travelers, this pushes the “cents per point” value below the threshold of viability.

The “Soft” Devaluation: Status and Age Restrictions

While the price hikes are painful, the new eligibility rules are potentially more damaging for the average point collector. These changes mirror restrictions Emirates recently applied to its own Skywards program, suggesting the Dubai-based carrier forced Qantas’s hand.

1. The Silver Status Gate (Effective Feb 18, 2026)

If you do not hold at least Qantas Silver status, you will no longer see Emirates First Class award space starting February 18. This is a deliberate move to prioritize “loyal” flyers over those who earn points solely through credit card sign-up bonuses.

If you are a Bronze member with a stash of points hoping for a “once-in-a-lifetime” First Class shower experience, you have less than a month to book.

2. The “No Kids” Rule (Effective Jan 21, 2026)

Effective immediately, children under the age of 9 are ineligible for First Class award tickets on Emirates. This applies even if you are willing to pay the full adult point rate. Families looking to travel together in luxury must now split cabins or downgrade to Business Class.

Is Emirates Business Class Still Worth It?

With the new rates, we need to recalculate the value proposition. Let’s analyze a Sydney to London Business Class redemption.

• Points Cost: 167,000 points (one-way)
• Taxes & Carrier Charges: ~$1,850 AUD
• Cash Price Equivalent: ~$4,500 AUD (one-way)

The Calculation:
($4,500 – $1,850) / 167,000 points = 1.58 cents per point.

This valuation is sobering. While 1.58 cents is technically “saving money,” it is poor value for premium points. Compare this to using Capital One Miles or other currencies to book via Aeroplan or Air France, where you often achieve 3.0+ cents per point with lower surcharges. However, for Australians locked into the Qantas ecosystem, it remains one of the few ways to get to Europe in comfort.

Strategic Alternatives for 2026

If you are priced out of Emirates or lack the Silver status for First Class, consider these alternatives within the Qantas and partner network:

1. Finnair (The Low-Fee Option)

Finnair flies to major Asian hubs (Bangkok, Singapore, Hong Kong) and connects to Europe. Their Business Class availability is generally better than Emirates, and crucially, their carrier surcharges are significantly lower. You won’t get an onboard shower, but you will save ~$1,000 per person in cash.

2. Oneworld Multi-Carrier Award

The Points vs Cash math often favors the “Oneworld Classic Flight Reward” table (Zone 10). For 318,000 points (Business), you can fly a round-the-world itinerary with up to 5 stopovers. With the Emirates hike, a simple return trip to London on Emirates (334,000 points) now costs more than a full round-the-world ticket on other Oneworld partners.

3. Qatar Airways (The Middle East Rival)

While Qatar Airways availability can be sporadic for Qantas members, they remain a solid option. Check our Qatar Airways Privilege Club guide to see if booking directly via Avios might be a better play if you have transferrable bank points, as Qantas often blocks long-term Qatar inventory.

Conclusion: The “Golden Age” is Over

The era of easily booking Emirates First Class showers with credit card sign-up bonuses has officially ended. This devaluation creates a bifurcated system: one for elite status holders who pay a premium, and one for everyone else who must settle for Business Class at higher rates.

Your Immediate Strategy:

1. Audit your point balances immediately.
2. If you have plans for Europe or the Middle East in 2026/2027, book before March 31, 2026.
3. If you are aiming for First Class and are Bronze, you must book before February 18, 2026.
4. Start diversifying your points portfolio into flexible programs like Chase Ultimate Rewards or Amex Membership Rewards that allow transfers to other airlines not tied to Qantas’s pricing whims.