For a random date I picked, it costs $1541 to fly PER-DXB-LHR one way economy saver. This will earn you 80 status credits. Using Points + Pay for this flight, it costs 190k Qantas points. Both earn the same status credits. So it would be 154100 cents/190000 Qantas points = 0.81 cents per point. (ignoring points earned)
For a Classic Reward redemption for the same route above, it costs 55k Qantas points plus $277.59 in taxes.
($1541-$277.59)/55000 Qantas points = 2.3 cents per point.
However, Classic Reward redemptions earn no points and status credits.
Point + Pay costs in points is directly proportional to the price of a revenue ticket. Whereas, a Classic Reward costs in points remains constant regardless of how much the price of a revenue ticket is, however is limited in availability.
Hope that helps.