Hi Bendan et al,
I had the same issue with my Qantas FF points recently and was able to quickly convert them to eGift cards (which by my estimation was the best pick of a poor selection). As my travelling is sporadic (ie every 2 years or so I travel significantly, then not much at all for a year or so), I decided to "cash" them in for the eGift cards.
This brought about another issue which I will post separately as it is more relevant to Gift cards rather than FF points. Nonetheless, I have to say, I have been dealing with the Qantas store people on this issue for a month now and they have been frustrating to deal with, not responsive at times and overall providing a poor level of service.