I could be completely mistaken but it sounds like ANZ and Qantas are offering to fee waive the first year of Qantas club.
Couldn't find it in ozbargain so hopefully not dupe.
edit kanads helpful comment
Qantas club membership has a Membership Fee and a Joining Fee. For 1 year is it $510+$385. What ANZ seems to be waiving is the joining fee i.e. $385 and also giving a $90 discount on the membership fee. You will still have to pay $425. This can be claimed in tax if you travel for business purpose frequently.
- Offers are only available to ANZ Frequent Flyer Black cardholders who are Australian residents and who purchase Qantas Club membership using their ANZ Frequent Flyer Black card. Offers are non-transferable and are not available in conjunction with any other offers or discounts. No discounts are available in respect of fees already paid. $475 saving in the first year is based upon a joining fee waiver and a discount to the standard one-year individual membership rate. The joining fee waiver is for a new one year individual Qantas Club membership purchased using an ANZ Frequent Flyer Black card by contacting the Qantas Frequent Flyer Service Centre on 13 11 31. Quoted joining fee savings are based on the joining fee for an individual Qantas Club membership application by an Australian resident. Different rates may be available for those with access to the Qantas Club Corporate scheme. The membership fee offer is for a one year individual Qantas Club membership which is purchased or renewed using an ANZ Frequent Flyer Black card by contacting the Qantas Service Centre. Quoted membership fee savings are based on the difference between the published corporate membership rate and the fee applicable to an individual Qantas Club membership held by an Australian resident. Only one joining fee waiver, and one membership fee discount per year, are available per cardholder. Qantas Club membership is subject to approval by Qantas and to the terms and conditions of The Qantas Club, available at qantas.com/qantasclub.
You are mistaken.