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You can collect 160 SC's with 2 return SYD-CBR discount business class trips for ~$1200. It is possible to achieve this in 1 day.
You can also collect 160 SC's with return SYD-AKL business class trip on LA for ~$1200. Problem here is you would require overnight accomnmodation in AKL plus taxi fares to/from AKL airport and I am guessing departure tax from AKL airport also.
This was a thought of mine. SYD-CBR-MEL can be done for AUD550 for 80 SCs and the same on the way back coming to $1100. SYD-CBR-SYD can be done for AUD467 r/t in business class bringing the cost to $934
Unless having plans to use OW lounges other than AA,BA and QF then buying a QP membership sounds like better value.
Don't know about for 0500 departures, but mine (shared by, I think, 2 motels located in same area) got me to the airport for an 0450 checkin (QF whatever number it is that flies AKL-MEL departing 0650). This was certainly not a CBD hotel, rather a mid-range motel abt 10 mins from airport. My impression was that it was available upon request, but possibly there are hours they do not operate. No idea how widely the shuttle sevices are offered. I certainly found it useful though, especially at such an uncivilised hour of the morning!