This timeline tells the story of the remarkable achievements and success of the organisation and the people who contributed to one of Australia’s great banking stories.
14 Qantas employees met in the Qantas Theatre and resolved to lodge an application to register Qantas Staff Co-operative Credit Union Limited
A letter from Qantas Empire Airways consenting to the use of the word “Qantas” in our name was presented to the meeting and this was lodged with the formation application
7 Foundation Directors were elected
1960
After 7 months of operations, Qantas Credit Union was able to report that as at 30 June 1960 it had recorded a Surplus of £12,000
Membership 277
Assets £8,168
1961
The first employee, Alec Kennedy was seconded from Qantas for two days per week and appointed as Manager
The Credit Union set a goal to have 1,000 members by 1963 (this was achieved)
Membership 460
Assets £30,000
1962
Passbooks were replaced with Member Statements
Membership 574
Assets £42,976
1963
1,000 Member target was achieved (by December)
Deposits were £100,000 and Loans were £100,000
20% of Qantas's Australian based employees were members of the Credit Union
Membership 898
Assets £88,258
1964
After 5 years of operation, 1,772 loans had been approved and funded
3 full time employees were seconded to the Credit Union from Qantas
Membership 1,310
Assets £182,524
1965
Employees from British Airways & Air New Zealand were allowed to become Members
Membership 1,785
Assets £248,807
1966
Australia changed to decimal currency – out with pounds, shillings and pence
Qantas employees located outside Sydney Metropolitan are allowed to join
A Membership drive was launched and Membership was opened to family members
New streamlined procedures enabled withdrawals to be paid in 'only' two days and loans funded within a month
Membership 2,346
Assets $808,175
1967
Memberships were opened to employees at all Qantas locations
Charging fees for excessive transactions was approved
30 June 1967, the first and only operational loss ($59.00) was recorded due to the introduction of NSW stamp duty on payroll deductions which was absorbed by the Credit Union
Membership 2,346
Assets $1,308,787
1968
Membership 4,111
Assets $2,017,036
1969
50% of Qantas employees were members and membership was growing at 100 per month
Membership 5,132
Assets $3,002,757
1970
The Credit Union changed its name to Qantas Staff Credit Union Limited - removing the word 'co-operative'
Accounting records were computerised (weekly batch processing by an external bureau)
Quarterly statements were introduced
Membership 6,312
Assets $4,087,280
1971
The Credit Union changed its name to Qantas Staff Credit Union Limited - removing the word 'co-operative'
Accounting records were computerised
Quarterly statements were introduced
Membership 6,312
Assets $4,087,280
1972
Mortgage lending and budget savings accounts were introduced
Membership 7,192
Assets $6,048,268
1973
The maximum loan was increased to $10,000
Membership 7,706
Assets $8,312,793
1974
Loan demand was in excess of supply
The Member newsletter was launched and was produced on an ad hoc basis
Membership 8,545
Assets $9,543,513
1975
Error in loan agreements required renegotiation of loan contracts made on incorrect forms – only 1 member refused to renegotiate
Membership 9,613
Assets $17,060,126
1976
Deposit and withdrawal books were introduced
Legislation was passed to establish a Credit Union Stabilisation Fund in NSW to protect members' deposits
Membership 10,370
Assets $24,818,724
1977
The maximum loan was increased to $50,000
Head office relocated to Qantas JetBase at Mascot and Sydney City office opened in the old Qantas House
Membership 10,952
Assets $32,269,465
1978
NSW Credit Union Savings Reserve Board was established to provide depositor protection
Credit Union’s Manager, Bert Gould is appointed as first Chairman
Membership 11,557
Assets $39,063,747
1979
The maximum unsecured loan was increased to $5,000
Norm Hall was appointed Internal Auditor
Membership 12,226
Assets $51,975,747
1980
90% of all Qantas's Australian based employees were Members
Membership 13,183
Assets $56,412,519
1981
Membership 13,623
Assets $58,806,928
1982
The Credit Union was forced to suspend acceptance of loan applications due to high demand
An online banking system was installed
The Credit Union joined with other credit unions to support a mass marketing campaign
Membership 14,012
Assets $61,170,065
1983
Qantas Staff Credit Union became the biggest Credit Union in Australia when its total assets passed $100 million
A branch at Qantas Freight Centre was opened
Membership 14,671
Assets $104.6 million
1984
Membership 15,181
Assets $107.4 million
1985
Credit Union Telephone Exchange (CUTIE) was launched - the first telephone banking service in Australia.
Members were able to obtain balances, order cheques and pay bills
Membership 16,031
Assets $119.7 million
1986
Outstanding loans passed $100 million
The Credit Union suffered a loss from the winding up of the Association of Central Credit Unions
Membership 17,351
Assets $135.3 million
1987
CUTIE was expanded to enable Members to negotiate loans - Qantas Staff Credit Union was a leader in the introduction of this service
Membership 18,498
Assets $144 million
1988
The Australian Corporate Finance collapse resulted in a loss around $1.6 million in relation to misappropriated Bank Bills (these funds were subsequently recovered)
Approved Deposit Fund was established for rollover of Superannuation funds
Membership 19,618
Assets $168.6 million
1989
Membership 21,442
Assets $190.3 million
1990
A KPMG Survey of Australia’s 50 largest Credit Unions showed that Qantas Staff Credit Union had the lowest operating costs as a percentage to income and the highest employees productivity in the Australia
Membership 23,430
Assets $238.2 million
1991
A Member Service Centre was opened in the new Qantas Corporate Centre at Mascot
Membership 23,850
Assets $290.8 million
1992
Uniform State based legislation was introduced in all States to regulate Credit Unions
The Core Banking System was replaced with a state of the art system, which provided more flexibility and a platform to build on
Membership 23,897
Assets $302.4 million
1993
Deposits in Approved Deposit Fund passed $100 million
New Branches opened at North Sydney, Qantas Domestic Terminal Sydney and Brisbane Airport
Member Chequeing was introduced
Membership 24,897
Assets $353.6 million
1994
The Credit Union became subject to Income Tax
CueCard (debit card), overdrafts and mortgage offset accounts were introduced
The first Member survey was conducted
The first issue of Creditsense quarterly newsletter was published
Membership 25,400
Assets $354.9 million
1995
Credit Union’s first ATM’s were installed in Qantas Corporate Centre and Airport Central Building
A new Branch was opened at Melbourne Airport
'Savings Account Zero' was rated as the best transaction account by both Personal Investment Magazine and Business Review Weekly
Visa Debit and Direct Entry (electronic deposits) were introduced
Membership 28,100
Assets $425.2 million
1996
Lending commenced to non-Qantas employees
A branch in the Perth Airport Branch was opened
'Savings Account Zero' rated as the best transaction account by Personal Investment Magazine for the second year running
Membership 32,998
Assets $505.1 million
1997
Qantas Credit Union wins best savings account for the third year in a row
Membership 36,808
Assets $578.0 million
1998
Administration was re-located to Hurstville and a new Member Service Centre was opened
Qantas Credit Union accepted 'transfer of engagements' from Aviat-APS Credit Union Limited (the only merger) - This brought on board 3,500 new members
Membership 43,795
Assets $663.7 million
1999
All Credit Unions were registered as Public Companies
Qantas Credit Union was registered as an Authorised Deposit Taking Institution
Retirement Savings Account was launched (replacing Approved Deposit Fund)
giroPost was introduced, providing members with the ability to deposit and withdraw at any Post Office in Australia - Qantas Credit Union and Queensland Police Credit Union jointly initiated this project
Credit Union Internet Site launched December 1999
Membership 48,245
Assets $723.1 million
2000
Online Banking was launched and CUTIE was upgraded at the same time
'A Current Affair' rated Qantas Credit Union’s Visa Debit Card linked with overdraft as the best card available in Australia
BPAY was introduced (initially only over the counter)
Corporate Governance Standards were introduced as well as Performance Evaluation of Board, Management and Directors
A Onelink MasterCard was launched with points and rewards (joint venture with GE Capital)
Membership 52,861
Assets $790.2 million
2001
The website and CUTIE were upgraded to allow users to perform account transfers and BPAY transactions online
Visa Travel Money (Prepaid Visa Cards) was introduced
Membership 59,618
Assets $945.5 million
2002
A project to provide a new and improved core banking system commenced
Qantas Credit Union was required to apply for Australian Financial Services Licence
Membership 62,663
Assets $1.041 billion
2003
A new Core Banking System was implemented
Insurance Service was launched in conjunction with CGU
Membership 67,167
Assets $1.07 billion
2004
A North Sydney Office and part time Chifley Square (70 Hunter Street) Office were closed
A new look Service Centre opened in George Street, Sydney
Membership 70,459
Assets $1.2 billion
2005
Internet Banking expanded to allow transfers to other financial institutions in Australia and Factor2 enhanced security features were added
Visa Credit Card (with Rewarder Points that could be converted to cash) and Qsaver high interest on-call savings account were introduced
Consumer Credit Insurance, BPAYview and low interest motor vehicle loan products were introduced
New Service Centres in Sydney Airport and Hangar 3 at Brisbane Airport were opened
Membership 74,865
Assets $1.25 billion
2006
Step-Ahead (tiered) Mortgage Loans were introduced together with Fixed Rate Home Loans
SMS Alerts introduced for Internet Banking and online internet capabilities were enhanced
Membership 79,031
Assets $1.33 billion
2007
Electronic delivery of statements became available
New Service Centre was opened in the Melbourne Domestic Terminal
Membership 76,744
Assets $1.42 billion
2008
Qantas Credit Union was the winner of Money Magazine Service Excellence Award
Qwealth Superannuation Fund was launched
Deposits were accepted from non-members
Admission of 'friends' as Members
Membership 80,803
Assets $1.53 billion
2009
Qantas Credit Union celebrated 50 years
Winner of Money Magazine Service Excellence Award for the second year running
Membership 82,532
Assets $1.8 billion
2010
The online banking site was upgraded
Mobile banking was introduced for smartphones and tablets
Improved “Orion” fraud prevention was introduced for Cards
Online application forms for term deposit accounts and new membership was introduced
Membership 84,528
Assets $1.99 billion
2011
Exhibited for the first time at the Australian International Airshow
Membership 87,862
Assets $2.08 billion
2012
The Visa Platinum Credit Card with Qantas Frequent Flyer Points was launched
DIY Superannuation was launched
A Miranda Office was opened - our first street front presence
Membership 90,255
Assets $2.49 billion
2013
A new Service Centre was opened in Niddrie, Victoria
A new Service Centre was opened in the Melbourne Qantas Domestic Terminal
A new Service Centre was opened in Chermside, Queensland
Membership 89,781
Assets $2.79 billion
2014
The naming rights were purchased for Sydney Entertainment Centre – renamed as Qantas Credit Union Arena
Received the Canstar Innovation Award for Qantas Points Banking suite of products
A new office was opened in Qantas Campus Mascot
A new contact centre was opened in Braemar, NSW
Membership 92,262
Assets $3.008 billion
2015
A project commenced to upgrade customer-facing and back office technology to make banking easier, with less reliance of physical points of presence
After two years of naming rights at Qantas Credit Union Arena, brand awareness reached 50% in Sydney for the first time in our history
Resolution put to Members to change company name to 'Qudos Mutual Ltd', enabling us to trade as 'Qudos Bank' - The result was 79.98% in favour of the resolution
Membership 95,415
Assets $3.13 billion
2016
Qantas Credit Union was re-branded to Qudos Bank
Qudos Bank announced the naming rights of Qudos Bank Arena at Sydney Olympic Park
Head office relocated to Mascot, Sydney
Membership 101,405
Assets $3.35 billion
2017
Qudos Bank was awarded ‘Home Loan Bank of the Year’ in the 2017 Mozo Experts Choice Awards
Removed Qudos Bank ATM fees to increase the network of fee-free ATMs accessible to members
Removed Transaction fees, farewelling our Transaction Allowance to provide members with unlimited free electronic withdrawals including direct debits, Bpay, external transfers and EFTPOS
Introduced Live Chat on the Qudos Bank website to offer members instant access to home loan specialists
Increased operating hours of Qudos Bank Contact Centre
Greenfleet milestone – lifetime trees 38,445
Membership 93,690 (9000 Memberships were closed under dormancy rules)
Assets $3.52 billion
2018
Qudos Bank launched a new Mobile Banking App
Qudos Bank was awarded ‘Australia’s Best Small Bank’ in the 2018 Mozo Experts Choice Awards
New branch opened in Ascot, Brisbane
Card management and PIN change capability introduced to online banking
Greenfleet milestone – lifetime trees 42, 248
Membership 94,771
Assets $3.76 billion
2019
Qudos Bank celebrates 60 years of providing rewarding banking to our customer
After 15 years as CEO, Scott King resigns from Qudos Bank
Online Banking password reset feature added to allow members to control their passwords 24/7
Apple Pay, Google Pay and Real-Time Payments introduced, providing a quicker way to make or receive payments
Membership 96,364
Assets $4.04 billion
2020
Michael Anastasi appointed CEO of Qudos Bank
Qudos Bank awarded Mozo’s Australia’s Best Large Mutual Bank 2020 and Canstar’s Customer-Owned Bank of the Year.
Qudos Bank named the Voice Project’s Best Workplace
To reduce our environmental impact, Qudos Bank switched to eStatements
Membership 98,555
Assets $4.49 billion
2021
Qudos Bank wins back to back Mozo’s Australia’s Best Large Mutual Bank and Canstar’s Customer-Owned Bank of the Year
Significant updates made to Real time payments allowing faster, easier and safer payments.
The launch of Open Banking enabling customer to share financial information (such as transaction history and account balances) with accredited third parties to make banking easier across multiple financial institutions.
Membership 100,303
Assets $5.01 billion
2022
Qudos Bank wins Mozo’s Australia’s Best Large Mutual Bank three years in a row
The launch of Fitbit Pay, Garmin Pay and Samsung Pay – giving customers even greater access to digital payments.
Special General Meeting held to make a change in the constitution reducing the number of directors from a maximum of 12 to 7.
$30,000 in total contributions made to support mental health, environmental and charity initiatives. We’ve reached a milestone with GreenFleet, who have planted over 54,000 trees on our customers’ behalf.
