The new membership tier will allow customers to convert a single frequent flyer point to 1c on economy flights, according to the Australian Financial Review.

Previously, a single frequent flyer point was worth only about 0.5c, with new program expected to introduce more generous conversions for higher cabin classes.

While Qantas is yet to formally confirm the program, in a statement the airline said it was working on improvements to allow customers to fly more on points.

“We’re still working to finalise the frequent flyer improvements which are responding to what members are telling us about the importance of redeeming points for flights at the times they most want to fly,” a Qantas spokesperson said.

“It’s a significant investment that will deliver great value for members, but it also makes sense for the program and our partners.”

Currently, the value of one frequent flyer point varies on how they are redeemed, either through the Classic Flights Rewards or Points Play Plus memberships.

Qantas invested about $50 million this year to add more seats to the Classic Flights Rewards system which is expected to remain under the changes.

Qantas has been contacted for comment.