While I appreciate the point you're making (EK surcharges are very high), this is not a good example. In your example, you save $528 while spending 166,500 points more, valuing the extra points at 0.31 cents per point (worse than gift cards). And that's if you equate a Qantas point to an Aeroplan point (I don't, Aeroplan points are worth more IMO).
Aeroplan doesn't pass on fuel surcharges on EK, but makes up for that lost money by selling EK awards as dynamically priced, making up for that lost revenue with increased point requirements.