I need to cancel our qantas classic reward flights due to travel restrictions in Australia.
I see Qantas has waived the 5000 point change fee but will I lose the tax payment I made? Or will that be refunded?
That will be refunded. Sometimes it may take a while if departing outside of Australia (i.e. when currency of charge is not AUD).
From memory, they seem to only waive the change fee not the cancellation fee. Some friends have reported mixed results (some waived some not).