jetpack - Thanks - interesting. Maybe you can help clarify further. It seems that the carrier surcharges applied in the OWA are different from when a quote is obtained via a "one way" redemption query on the Qantas website. The above IB flights being an example - you indicate $189, the one way VCE-MAD-GVA quotes at around EUR 56 (say $95) per person. The QR legs were quoting at around EUR 300-320 (say $500) each vs the $683 - I can't remember exactly, and can't search anymore as I don't have enough points left

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The YQ for the QR legs quotes at EUR 190 each, but I appear to have paid quite a lot more than that.....
Would it be fair to say the surcharges on the OWA are greater than the constituent flights - maybe "offsetting" the comparative points discount vs booking individual segments with points??