What is the transfer rate for AMEX points to Qantas during promotion?

Hi there, I was looking to transfer 1,000,000 AMEX points to Qantas in preparation for booking a Business class flight from Melbourne to London in late June. I was under the impression that by transferring the points the exchange rate was 1 for 1 + approx 20%… It seems however it is 0.5 Qantas points for every 1 Amex point transfered… is this the case?

I am wondering if it is worth making the transfer anyway or is there likely a hot promotion around the corner…? Any advice would be apprecited.

I’m guessing you hold the Amex Platinum card.

I recall about 2 years ago, Amex has doubled the point balance for plat cardholders but also doubled the transfer rate required.

In short, it is indeed 2 Amex MR points : 1 frequent flyer pts.

Qantas 20% transfer bonus usually run during promotion → limited duration.

Previous promotion are shown on this website below.