Yes.
But there are also benefits to having multiple accounts including taking advantage of gift card offers where the limit has been 10 per everyday rewards account or something like this current opportunity:
20,000 Woolworths rewards points with a pet insurance policy
A long route, but yes this can occur. Remember that transfer to QF from Woolworths only occurs every 3 months. Then of course, you need to do the Qantas family transfer and satisfy those conditions (
Frequent Flyer - Qantas Points and Partners - Using Qantas Points - Family transfers): biggest one may be this:
'Minimum 5,000 to maximum 600,000 points per transfer'
Given 1 Woolworths Rewards point, equates to 0.435 Qantas Points per dollar spent (870 Qantas Points per 2,000 Woolworths points) this would mean that you need to have 11496 Woolworths rewards points to get the 5000 Qantas points as the minimum transfer level.
This strategy will gain you some QF points, but the reality is there are plenty more opportunities for earning QF points available that get better results and take less time and effort.
Gaining large number of points is definitely possible, but it's something that you are going to have to work at. If you think this is a 5 minute exercise walk away now