Qantas is set to announce what Australia's largest airline says will be the biggest overhaul in the 32-year history of its Frequent Flyer programme.

Chief executive Alan Joyce and divisional head Olivia Wirth will unveil the changes at 10.30am this morning, with the carrier yet to give official details.

However, speculation is already mounting that a major element of the change will be making it easier for the programme's 12 million members to use points for flights.

The overhaul is set to include making more seats available to frequent flyers for points-based bookings, particularly on international flights.

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Frequent Flyer: It could soon be easier for the programme's 12 million members to use points for flights. Photo / Getty Images
Frequent Flyer: It could soon be easier for the programme's 12 million members to use points for flights. Photo / Getty Images

Members have often complained there are not enough seats or upgrades available for them to book with points.

Changes are also expected around access to Qantas lounges, seat upgrades and how status points are accrued and used.

Qantas Loyalty, which allows customers to earn redeemable points by booking flights, shopping at retailers including Woolworths and using linked credit cards, made a AU$372 ($390) million profit in the last financial year off revenue of AU$1.55 ($1.6) billion.

Qantas last month announced its first-ever so-called "points plane" from Melbourne to Tokyo, with seats on the October flight reserved solely for those paying with frequent flyer points.