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.

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Timeline

  1959-1969
 

1959

  • 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, the Credit Union was able to report that it had recorded a surplus of £12
  • 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
 
  1970-1979
 

1970

  • 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
 
 

1971

  • Term deposits and cash withdrawal were introduced
  • A full time office was opened in Hangar 20 at Mascot JetBase
  • Membership 7,023
  • Assets $4,895,088
 
 

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
 
  1980-1989
 

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
 
  1990-1999
 

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
 
  2000-2009
 

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
 
  2010-2016
 

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 three year digital transformation project commenced to upgrade core banking, online banking, mobile banking and all internal operational systems
  • 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
 
 

1959

On 19th August 1959, 14 Qantas employees met in the Qantas Theatre at 70 Hunter Street, Sydney at 5.30pm and they resolved to lodge an application to register Qantas Staff Co-operative Credit Union Limited.
It was recommended that there be seven directors to represent the seven main areas of the Operations of Qantas Empire Airways: Mascot Hangars; Repair and Overhaul Shop; Passenger Services; Bulk Store and Transport; Outstations; Flying staff; and Head Office.

The Foundation Directors elected at the formation meeting were Keith Stedman (Chairman), George Porton, Len Wainwright, Vince Tabone, Mrs. E Dodd and John Reynolds. 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. Initially membership was restricted to Qantas employees in the Sydney Metropolitan Area and the first business plan envisaged the Credit Union starting with fifty members and growing to 400 within two years. The maximum loan was to be set at £300.00. Registration was received on 10th September 1959 and operations began on 1 November 1959. After the first month 50 of Qantas’s 6,700 employees had joined.

 

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
As at 30 June 1960:
  • Membership 277
  • Assets £8,168
In other news:
  • The US sent the first troops into Vietnam to fight against communist North Vietnam
  • The first computerized video game “The Space War 1” was developed
 

1961

  • The first employee, Alec Kennedy, was appointed as Manager. Alec was seconded from Qantas for two days per week
  • The Credit Union set a goal to have 1,000 members by 1963 (this was achieved)
As at 30 June 1961:
  • Membership 460
  • Assets £30,000
In other news:
  • The Soviets put the first man in space (Yuri Gagarin)
 

1962

  • Passbooks were replaced with Member Statements
As at 30 June 1962:
  • Membership 574
  • Assets £42,976
In other news:
  • Qantas launched daily services to London
  • The British Empire and Commonwealth Games were held in Perth
 

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
As at 30 June 1963:
  • Membership 898
  • Assets £88,258
In other news:
  • US President Kennedy assassinated
  • Construction began on Qantas Wentworth Hotel (this was opened December 1965)
 

1964

  • After 5 years of operation, 1,772 loans had been approved and funded
  • Three full-time employees had been seconded to the Credit Union from Qantas
As at 30 June 1964:
  • Membership 1,310
  • Assets £182,524
In other news:
  • Qantas carries more than 250,000 passengers in a year
  • Gemini 1 was launched, the first unmanned test of the 2-man spacecraft
 

1965

  • Employees from British Airways & Air New Zealand were allowed to become Members
As at 30 June 1965:
  • Membership 1,785
  • Assets £248,807
In other news:
  • Qantas launched the first V-Jet service on the Kangaroo Route, via Kuala Lumpur, Malaysia
  • Qantas forecasted that 9,000 employees would be needed due to the introduction of the new 707’s
 

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
As at 30 June 1966:
  • Membership 2,346
  • Assets $808,175
In other news:
  • Qantas Pilots go on strike – the Credit Union made 34 emergency/hardship assistance loans during the strike
 

1967

  • Membership was opened to employees at all Qantas locations
  • Charging of 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
As at 30 June 1967:
  • Membership 2,346
  • Assets $1,308,787
In other news:
  • The world's first ATM was installed in Enfield, London
 

1968

As at 30 June 1968:
  • Membership 4,111
  • Assets $2,017,036
In other news:
  • Qantas announced plans to increase employees by 100% to 20,000 by 1980
  • The Rubiks Cube became one of the world’s most popular toys
 

1969

  • 50% of Qantas employees were members and membership was growing at 100 per month
As at 30 June 1969:
  • Membership 5,132
  • Assets $3,002,757
In other news:
  • US successfully lands a man on the Moon – Apollo 11
 

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
As at 30 June 1970:
  • Membership 6,312
  • Assets $4,087,280
In other news:
  • A new airport for Melbourne was opened at Tullamarine
  • The Concord aircraft makes its first supersonic flight
 

1971

  • Term deposits and cash withdrawal were introduced
  • A full time office was opened in Hangar 20 at Mascot JetBase
As at 30 June 1971:
  • Membership 7,023
  • Assets $4,895,088
In other news:
  • The digital age started with the invention of the microprocessor
  • Qantas Airways introduced Boeing 747's
 

1972

  • Mortgage lending and budget savings accounts were introduced
  • Part time offices were operating at the Repair and Overhaul Shop, Cargo and the International Terminal
As at 30 June 1972:
  • Membership 7,192
  • Assets $6,048,268
In other news:
  • Gough Whitlam is elected as Prime Minister of Australia
 

1973

  • The maximum loan was increased to $10,000
As at 30 June 1973:
  • Membership 7,706
  • Assets $8,312,793
In other news:
  • Official opening of Sydney Opera House
 

1974

  • Loan demand was in excess of supply
  • The Member newsletter was launched and was produced on an ad hoc basis
As at 30 June 1974:
  • Membership 8,545
  • Assets $9,543,513
In other news:
  • Cyclone Tracey devastated Darwin
  • Watergate Scandal caused Richard Nixon to be the first US president President to resign from office
 

1975

  • An error in loan agreements required renegotioation of loan contracts made on incorrect forms - only 1 Member refused to renegotiate
As at 30 June 1975:
  • Membership 9,613
  • Assets $17,060,126
In other news:
  • Colour Television was introduced in Australia
  • The Governor General dismissed the Labor Government led by Gough Whitlam
  • Bill Gates and Paul Allen created the company 'Microsoft'
  • The Vietnam war ended
 

1976

  • Deposit and withdrawal books were introduced
  • Legislation was passed to establish a Credit Union Stabilisation Fund in NSW to protect members' deposits
  • The first in-house computer system was developed and installed in the future site of Head Office in Mascot
As at 30 June 1976:
  • Membership 10,370
  • Assets $24,818,724
In other news:
  • The first Commercial Concorde Flights took off
 

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
As at 30 June 1977:
  • Membership 10,952
  • Assets $32,269,465
In other news:
  • Australia voted for 'Advance Australia Fair' to become its National Anthem
  • The first Apple computer went on sale
 

1978

  • NSW Credit Union Savings Reserve Board was established to provide depositor protection
  • Credit Union’s Manager, Bert Gould is appointed as first Chairman
As at 30 June 1978:
  • Membership 11,557
  • Assets $39,063,747
In other news:
  • The first IVF baby was born on 25 July in England
 

1979

  • The maximum unsecured loan was increased to $5,000
  • Norm Hall was appointed Internal Auditor
As at 30 June 1979:
  • Membership 12,226
  • Assets $51,975,747
In other news:
  • Margaret Thatcher was elected the first woman Prime Minister of the UK
  • US Space Station 'Skylab' crashed to earth in Western Australia
 

1980

  • 90% of all Qantas's Australian based employees were Members
As at 30 June 1980:
  • Membership 13,183
  • Assets $56,412,519
In other news:
  • John Lennon was shot dead in December by Mark David Chapman outside of his New York apartment
 

1981

As at 30 June 1981:
  • Membership 13,623
  • Assets $58,806,928
In other news:
  • The word 'Internet' was first mentioned
  • The first IBM PC's were introduced
 

1982

  • Credit Union was forced to suspend acceptance of loan applications due to high demand
  • An online banking system was installed
  • Credit Union joined with other credit unions to support a mass marketing campaign
As at 30 June 1982:
  • Membership 14,012
  • Assets $61,170,065
In other news:
  • The first CD player was introduced
 

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
  • A new Sydney office was opened in the new Qantas International Centre
As at 30 June 1983:
  • Membership 14,671
  • Assets $104.6 million
In other news:
  • Microsoft Word was launched
  • 'Australia II' wins the America's Cup
 

1984

As at 30 June 1984:
  • Membership 15,181
  • Assets $107.4 million
In other news:
  • Co-branded MasterCard was launched with Westpac
  • Apple introduced the first Macintosh computer
  • Medicare came into effect
 

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
As at 30 June 1985:
  • Membership 16,031
  • Assets $119.7 million
In other news:
  • The first version of 'Windows' was released
 

1986

  • Outstanding loans passed $100 million
  • The Credit Union suffered a loss from the winding up of the Association of Central Credit Unions
As at 30 June 1986:
  • Membership 17,351
  • Assets $135.3 million
In other news:
  • Crocodile Dundee was released in Australia which became a worldwide smash hit and the highest grossing Australian film until 2015
 

1987

  • CUTIE was expanded to enable Members to negotiate loans - Qantas Staff Credit Union was a leader in the introduction of this service
As at 30 June 1987:
  • Membership 18,498
  • Assets $144 million
In other news:
  • The 1987 America's Cup was held in Perth
 

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
As at 30 June 1988:
  • Membership 19,618
  • Assets $168.6 million
In other news:
  • The World Expo was held in Brisbane
 

1989

As at 30 June 1989:
  • Membership 21,442
  • Assets $190.3 million
In other news:
  • The Boeing 747-400 aircraft was introduced into the Qantas fleet
  • Microsoft Office Software was introduced
 

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
As at 30 June 1990:
  • Membership 23,430
  • Assets $238.2 million
In other news:
  • The first car GPS navigation system went on sale
  • Nelson Mandela was released from prison
 

1991

  • A Member Service Centre was opened in the new Qantas Corporate Centre at Mascot
As at 30 June 1991:
  • Membership 23,850
  • Assets $290.8 million
In other news:
  • The American animated comedy series 'The Simpsons' debuted on Network Ten
 

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
As at 30 June 1992:
  • Membership 23,897
  • Assets $302.4 million
In other news:
  • The Australian Financial Institutions Commission (AFIC) came into effect on 1 July 1992
  • One and two cent coins were withdrawn from circulation
 

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
As at 30 June 1993:
  • Membership 24,897
  • Assets $353.6 million
In other news:
  • HMAS Collins (SSG 73) became the first Australian-built and designed submarine to launch.
 

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
As at 30 June 1994:
  • Membership 25,400
  • Assets $354.9 million
In other news:
  • Creditlink (now Indue) was formed
 

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
  • American Express Travellers Cheques became available through Member Services Centres
As at 30 June 1995:
  • Membership 28,100
  • Assets $425.2 million
In other news:
  • Qantas became privatised
  • Westpac's co-branded MasterCard was withdrawn
 

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
As at 30 June 1996:
  • Membership 32,998
  • Assets $505.1 million
In other news:
  • A uniform Credit Code came into effect
  • DVD's were launched in Japan
 

1997

  • Qantas Credit Union wins best savings account for the third year in a row
  • Mid Financial Year meetings were held in Melbourne, Brisbane and Perth
As at 30 June 1997:
  • Membership 36,808
  • Assets $578.0 million
In other news:
  • Consumer Credit Code came into effect on 1 November 1996
  • The sovereignty of Hong Kong was transferred from the United Kingdom to the People's Republic of China.
 

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
  • An ATM was installed at the Qantas Domestic Airport in Sydney
As at 30 June 1998:
  • Membership 43,795
  • Assets $663.7 million
In other news:
  • Australian Prudential Authority (APRA) commenced on 1 July 1998
  • Fox Studios opened in Moore Park, Sydney
 

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 in December 1999
As at 30 June 1999:
  • Membership 48,245
  • Assets $723.1 million
In other news:
  • The Federal Banking Act was amended to cover non-bank financial institutions
 

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)
As at 30 June 2000:
  • Membership 52,861
  • Assets $790.2 million
In other news:
  • The 2000 Olympics was held in Sydney
  • GST compliance was introduced from 1 July 2000
 

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
As at 30 June 2001:
  • Membership 59,618
  • Assets $945.5 million
In other news:
  • Australia celebrated the centenary of Federation
 

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
As at 30 June 2002:
  • Membership 62,663
  • Assets $1.041 billion
In other news:
  • Ansett Australia formerly ceases all operations
  • Steven Bradbury wins Australia's first Winter Olympic Gold Medal
 

2003

  • A new Core Banking System was implemented
  • Insurance Service was launched in conjunction with CGU
As at 30 June 2003:
  • Membership 67,167
  • Assets $1.07 billion
In other news:
  • The last flight of the Concorde
  • One Nation leader Pauline Hanson and David Ettridge are sentenced to three years jail for electoral fraud
 

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
As at 30 June 2004:
  • Membership 70,459
  • Assets $1.2 billion
In other news:
  • Jetstar's domestic passenger services launched
  • Facebook was launched
 

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
As at 30 June 2005:
  • Membership 74,865
  • Assets $1.25 billion
In other news:
  • The Cronulla race riots broke out in December
 

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
As at 30 June 2006:
  • Membership 79,031
  • Assets $1.33 billion
In other news:
  • Steve Irwin died on 4 September after being pierced in the chest by a stingray barb while filming an underwater documentary film titled Ocean's Deadliest
 

2007

  • Electronic delivery of statements became available
  • New Service Centre was opened in the Melbourne Domestic Terminal
As at 30 June 2007:
  • Membership 76,744
  • Assets $1.42 billion
In other news:
  • More than 200,000 people walk across the Sydney Harbour Bridge to celebrate its 75th anniversary
  • On June 29, the first iPhone was released
 

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
As at 30 June 2008:
  • Membership 80,803
  • Assets $1.53 billion
In other news:
  • The Airbus A380 was introduced into the Qantas fleet
 

2009

  • Qantas Credit Union celebrated 50 years
  • Winner of Money Magazine Service Excellence Award for the second year running
As at 30 June 2009:
  • Membership 82,532
  • Assets $1.8 billion
In other news:
  • The Black Saturday bushfires burnt across Victoria in February and were Australia's all-time worst bushfire disasters
  • Kevin Rudd and Malcolm Turnbull apologised on behalf of Australia to the 'Forgotten Australians'
  • Anna Bligh claimed victory in the Queensland state election and became the country's first elected female Premier
  • Barack Obama was elected as America's first African American president
 

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
As at 30 June 2010:
  • Membership 84,528
  • Assets $1.99 billion
In other news:
  • Qantas Credit Union announced 'Assistance Dogs Australia' as its charity partner for 2010
  • Mary MacKillop is declared by Pope Benedict XVI to be a saint of the Roman Catholic Church, the first Australian so declared.
 

2011

  • Exhibited for the first time at the Australian International Airshow
As at 30 June 2011:
  • Membership 87,862
  • Assets $2.08 billion
In other news:
  • Queensland experienced the most widespread flooding disaster in their history
  • Steve Jobs passed away from pancreatic cancer
 

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
As at 30 June 2012:
  • Membership 90,255
  • Assets $2.49 billion
In other news:
  • Instagram was sold to Facebook in April for $1 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
As at 30 June 2013:
  • Membership 89,781
  • Assets $2.79 billion
In other news:
  • The Boeing 787 Dreamliner was introduced into the Qantas fleet
 

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
As at 30 June 2014:
  • Membership 92,262
  • Assets $3.008 billion
In other news:
  • Gough Whitlam died at age 98
  • Etihad unveiled a $20,000 'flying apartment'
  • A rare total lunar eclipse occurred in Canberra where the moon appeared blood red
 

2015

  • A three year digital transformation project commenced to upgrade core banking, online banking, mobile banking and all internal operational systems
  • 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
As at 30 June 2015:
  • Membership 95,415
  • Assets $3.13 billion
In other news:
  • In an attempt to stimulate the economy, The Reserve Bank of Australia cut the official cash rate to an historic low of 2.25%
  • A historic climate change agreement was adopted by 195 countries to reduce carbon emissions and limit global warming
  • NASA confirmed the presence of water on Mars
 

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
As at 30 June 2016:
  • Membership 101,405
  • Assets $3.35 billion
In other news:
  • Qantas CEO Alan Joyce announced that direct flights from Perth to London will be introduced in 2018, marking the first time that Australians will be able to fly direct to Europe
  • Australia’s economic growth shrunk for the first time in five years, by 0.5 per cent in the September quarter
  • The entire state of South Australia was left without electricity after a massive storm damaged electrical transmission infrastructure
  • Donald Trump won the 45th US presidency

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