Our history

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

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.

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, 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.
  • 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.