Ahh I see what you mean. 1mil including sign-up bonuses.It would take a pretty dedicated churner to get through 6+ cards (to earn the difference between 320k and 1m points) in a year.
It would make Qantas status very much dependant on the whims of the banks. Only a few years ago, banks were handing out large sign-up bonuses like candy. They've dramatically reduced them and tightened up bonus eligibility criteria in the last 12 months.