To get the most out of this deal (60k points) you'll need to not have held a CBA credit card or a Qantas Points earning credit card in the last 12 months. For 40k points, just the former applies.
This post is combining two previous ozbargain deals:
1. https://www.ozbargain.com.au/node/528897
2. https://www.ozbargain.com.au/node/515802 (significantly negged, but really not a bad card IMO*)
Get approved for the card and you'll be issued 100k CBA award points after spending $5k within 90 days. 3 CBA awards earns 1.2 Qantas points, so (100000/3) x 1.2 = 40000 QFF, + 20000 QFF if you are a new Qantas points earning card holder (12 month exclusion period applies)
*Why I think the CBA Ultimate card is decent:
1. No monthly or annual fee if you spend at least $2500 per statement period.
2. No international transaction fees.
3. $0 Additional Card Holder Fee
4. No Cap on points earning
Still don't like it? Close the account after 90 days and take the 40k/60k QFF points with you.