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QSCU History

QSCU Timeline

1959 Construction commences on the Sydney Opera House Qantas Airways launches its first jet service to San Francisco Qantas Airways employees form their own credit union – QSCU is born
1960 In its first year of operation, QSCU reaches: 100 Members, £10,000 Deposits, £10,000 Loans
1961 QSCU sets target of 1,000 Members by 1963 Alec Kennedy, our first Manager (part time)
1962 Perth hosts the Empire Games - Australia wins 38 gold medals QSCU introduces Member Statements
1963 QSCU reaches: £1,000 Members, £100,000 £Deposits, £10,000 Loans 20% of Qantas Australian based staff are now Members of QSCU
1964 QSCU celebrates our 5 year anniversary 1772 loans have been processed since inception 3 staff are now dedicated to QSCU
1965 QSCU reaches: £200,000 Deposits, £200,000 Loans British Airways and Air New Zealand staff are now allowed to join QSCU
1966 Australia changes to decimal currency - out with the pounds, shillings and pence QSCU streamlines our procedures - now only 2 days to process a withdrawal and 1 month for loans QSCU conducts our first “family” membership drive Qantas Airways pilots go on strike – QSCU helps out with 34 loans for financial assistance
1967 QSCU reaches: $1,000,000 Deposits; $1,000,000 Loans
1968 QSCU reaches: $2,000,000 Deposits
1969 Apollo 11 mission successfully lands a man on the moon QSCU celebrates our 10 year anniversary QSCU reaches: 5,000 Members, $2,000,000 Loans; 10 staff
1970 Melbourne Airport opens QSCU's name changes to Qantas Staff Credit Union Limited QSCU computerises our records and introduces quarterly statements
1971 Qantas Airways introduces the Boeing 747 QSCU introduces Term Deposits QSCU opens a full time office at Mascot and cash withdrawals are now available
1972 QSCU reaches: $5,000,000 Deposits; $5,000,000 Loans QSCU introduces mortgage secured lending QSCU opens part time offices in International Terminal, Cargo and R.O.S.
1973 Sydney Opera House officially opened QSCU increases maximum loan to $10,000
1974 Qantas Airways evacuates residents from Darwin after Cyclone Tracy QSCU reaches: $10,000,000 Deposits; $10,000,000 Loans CreditSense launched (QSCU News)
1975 Australian Governor General dismisses the Prime Minister Colour television introduced in Australia QSCU reaches: $15,000,000 Deposits
1976 QSCU reaches: 10,000 Members QSCU introduces withdrawal books and installs own data processing system QSCU introduces our first logo (pictured left)
1977 "Advance Australia Fair" is voted Australia's National Song QSCU reaches: $25,000,000 Deposits and $25,000,000 Loans QSCU increases maximum loan to $50,000
1978 QSCU Manager appointed Chairman of the NSW Government Savings Reserve Fund Board
1979 US Space Station "Skylab" crashes in Western Australia QSCU reaches: $50,000,000 Deposits QSCU increases maximum unsecured loan to $5,000
1980 Great Barrier Reef given World Heritage listing 87% of Qantas Australian based staff are now Members of QSCU
1981 Trevor Chapel notoriously bowls underarm in the Australia vs. New Zealand cricket match at the MCG QSCU reaches: $50,000,000 Loans
1982 QSCU forced to suspend new loan applications as demand exceeds supply QSCU installs a new computer system
1983 Ash Wednesday bush fires sweep across Victoria and South Australia "Australia II" wins the America's Cup QSCU reaches: $100,000,000 Deposits; 20 Staff QSCU opens a cash office at Sydney Cargo Terminal
1984 QSCU celebrates our 25 year anniversary QSCU reaches: 20,000 Members QSCU introduces Westpac MasterCard
1985 Credit Union Telephone Information Exchange (CUTIE) "a talking service to handle telephone requests for Credit Union service" was introduced Qantas introduces Boeing 767's
1986 $100,000,000 in Loans
1987 CUTIE expanded to request loan advances - "QSCU is a leader in the field"
1988 20,000 Members $150,000,000 Deposits Australia celebrates the Bicentenary
1989 Greg Norman voted sports star of the decade
1990 KPMG Peat Marwick reported on the 50 largest Credit Unions and rated QSCU as having the lowest operating costs as a percentage of income to Members and one of the highest productivity ratios
1991 $275,000,000 Deposits $175,000,000 Loans
1992 First core banking system introduced
1993 25,000 Members
1994 North Sydney, Sydney Qantas Domestic and Brisbane Airport Members Service Centres opened KPMG Peat Marwick 1993 Credit Unions Performance Survey ranks QSCU as 3rd largest but most efficient in costs to income and costs to average total assets Launched Cheque Books, Mortgage Offset Accounts, CueCard & Overdrafts
1995 Opened Melbourne Member Service Centre Launched Visa Debit Card, Direct Entry and Term Deposits Our Savings Account Zero was rated the best transaction savings account in Australia by both the Personal Investment Magazine and Business Review Weekly Qantas is privatised
1996 Perth Member Service Centre opened Commenced Lending to non-Qantas staff Savings Zero Account rated best transaction savings account by Personal Investment Magazine for second year in a row
1997 QSCU wins best savings account award for third year running Geoffrey Rush wins academy award for Best Actor
1998 QSCU accepts the transfer of engagements of Aviat-Aps Staff Credit Union Limited - which brought on board 3,500 Members QSCU's Head office moves to Hurtsville $500,000,000 Loans $600,000,000 Deposits
1999 50,000 Members RSA launched
2000 Online Banking and BPay launched Sydney celebrates the Olympic Games
2003 New Core Banking System commenced (Phoenix) $1 Billion in Deposits
2004 70,000 Members New look Member Service Centre introduced in Sydney City Qantas launches new domestic airline Jetsar
2005 $1 Billion in Loans Credit Card, Rewarder and Qsaver launched General insurance offered 96% Member satisfaction
2006 Step-Ahead loans launched
2008 $1.5 Billion in Deposits Qweath launched 99% Member satisfaction Winner Money Magazine Service Excellence Award
2009 QSCU celebrates 50 years Winner Money Magazine Service Excellence Award for 2nd year running