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Our history

This timeline tells the story of the remarkable achievements and success of the organisation
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Our history

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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Our timeline

1959 - 1969
1959 - 1969
1970 - 1979
1980 - 1989
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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
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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

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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
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1968

  • Membership 4,111
  • Assets $2,017,036
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1969

  • 50% of Qantas employees were members and membership was growing at 100 per month
  • Membership 5,132
  • Assets $3,002,757
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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
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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
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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

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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

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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

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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

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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

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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

BPAY is a registered trade mark of BPAY Pty Ltd ABN 69 079 137 518

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

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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 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

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2011

  • Exhibited for the first time at the Australian International Airshow
  • Membership 87,862
  • Assets $2.08 billion

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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

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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

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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

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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

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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

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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
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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
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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
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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
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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.
  • Membership 89,879
  • Assets $5.19 billion
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2023

  • Brendan Wright was appointed Chief Executive Officer (CEO) in August 2023.
  • We were recognised with two Home Loan awards and a Term Deposit award from Mozo. Additionally, we were named Australia's Best Customer-Owned Bank by the Mozo Experts Choice Awards for the third consecutive year.
  • Qudos Bank achieved its strategic gender diversity goal, with the Board now consisting of at least 40% female and 40% male representation.
  • We successfully launched a new digital loan application processing platform, enabling a 50% increase in loan processing capacity compared to the previous year—delivering greater value and efficiency to our customers.
  • Our membership base reached 95,544 members.
  • We closed the year with total assets of $5.47 billion.
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