Yes the QANTAS $1/1 point is twice as good as the bank in house points scheme.
I had the impression that HSBC was 1.25 (HSBC points) per $ spend hence half being .625. Sorry I probably confused it with the Wespac Altitude Black master card ( 1.25) that I was checking out at the same time.
Are there any issues with preloading the card in credit? I guess I am about to find out, bpaid funds to it today and will process an ATO payment as soon as the funds are in there. I wouldn't have thought there are any issues, seems to be fine with my other providers for a few days being in credit.