I would say spam as there appears to be a Logon button .
I sometimes do a check of the address via doing a reply (not sending it ) and see what it comes up as
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This is the email address "Qantas Frequent Flyer <[email protected]>" - look legit?
The first thing always to check is the link in any "Login" etc buttons, as you did. If in doubt, I usually also check the reply-to address and perhaps even the actual message your mail server has received as the headers may provide further clues, though that's going a bit technical then.
In the attached screen captures, the reply-to points to Qantas so that's reassuring. Reading the raw text in the headers from bottom up would often contain rather odd domain / server names and a path to your mail server if it's spam (quite often you see <some-rubbish>.ru, i.e. with love from Russia, or similar suspicious). Common sense then applies in 99% of the cases: why would a reputable company send emails through '654w8d48w.LoveMe.ru' or have their links point to Liberia?
Agree on that it can be fake. And we also come to the laziness of some (even large Australian globally operating) companies of not registering the most obvious domains to themselves (e.g. *.com and *.com.au), allowing some of them to be grabbed for other uses. But those messages I've checked here and there, in 90% of the cases the reply-to gives it away, too, as it points to an exotic address which has no connection to the perceived story in the message.Some of this is bad advice. No offence. The reply-to address is trivial to forge and a meaningless check.