In the last year, Qantas Loyalty members earned 222 billion points and redeeming 185 billion points (20% fewer). Those points are a large part of Qantas’ $3.6 billion in un-redeemed Qantas Frequent Flyer revenue (up 60% in the last decade). The program accounts for 35% of credit card spending in Australia. Qantas Frequent Flyer's CEO, in response to questions on the coming interchange regulation on credit cards, remains confident Qantas Loyalty will achieve their forecast $800 million to $1 billion EBIT target for 2030. The Reserve Bank of Australia proposes capping the interchange fee at 30 basis points (down from an average of 50 basis points today) to cut domestic issuers (mostly banks) interchange revenue by about $900 million.