Looks like that joke is about a decade out-of-date. The Queensland Reds have had a pretty darn good record since 2010.
Trex, you've caught me out. Although I played 1st grade Rugby (1961-66), I don't actively follow it now, and I confess, I didn't do any research. Being a basically egocentric person as many old people are, I only actively follow the sports that I play and these days I only play golf (badly). I couldn't use golf in the joke because the Queensanders claim Greg Norman, Jason Day and Adam Scott (although he was originally South Australian).
But for the record I have done a little research with the following result E&OE:
Brumbies: Winners: 2001, 2004; Runners Up: 1997, 2000, 2002, 2013; Finalists: 2003,2014;2015
Waratahs: Winners: 2014; Runners Up; 2005,2008; Finalists: 2002, 2006,2010,2015
Reds: Winners; 2011 Finalists:1996,1999,2001
Bluey was only one year old the year the Reds won so I think he can be forgiven for not remembering their moment of glory.