Not as good as the recent ANZ but that's reduced to 100k points now.
First year annual fee $295 (save $100), then $395 p.a.
How bonus Qantas Points are awarded
You’ll receive 90,000 bonus Qantas Points when you spend $3,000 on everyday purchases in the first 60 days, plus, 30,000 bonus Qantas Points when you keep your card open for over 12 months.
Offer may end at any time. Eligibility criteria and terms and conditions apply.
Qantas Point per $1 up to $5,000 and 0.5 Qantas Points per $1 from $5,001 to $20,000.
From what I am seeing, the deal is actually only 90,000 points for the $295.
You need to keep open for > 12 months to get the extra 30,000 points, which would attract a new annual fee of $395 (unless you could somehow cancel quickly enough to get refunded the fee, but keep the points).