Should Qantas provide a refund on Qantas Club annual membership?

I renewed my Qantas Club membership a few months ago. Now their flights are so expensive it's not worth flying with them. Should I be entitled to a pro rata refund for my membership, given I was entitled to assume they would not start profiteering on their main domestic routes?

Lol, they’ve been profiteering for years!

Understand the sentiment, but making an assumption (on what information?)about what airfares will be in the future and then when it doesn't hold true is an issue for the party making that assumption.

I might be entitled to assume interest rates are going to rise in the short term and make investments accordingly. If they don't go up and I lose money, I'm not entitled to ask the RBA to cover my losses.

You have to read the policy on cancellation. Looks like you do not have a genuine reason, and cancelling it due to high ticket prices would not get you anywhere i believe.