The relationship between variability, luminosity and redshift in the South Galactic Pole QSO sample is examined in an effort to disentangle the effects of luminosity and redshift in the amplitude of the optical variations. The anticorrelation between variability and luminosity found by other authors is confirmed. Our analysis also supports claims that variability increases with redshift, most likely due to an anticorrelation between variability and wavelength. In particular, our parametric fits show that the QSO variability-wavelength relation is consistent with that observed in low-luminosity nearby active galactic nuclei. The results are used to constrain Poissonian-type models. We find that if QSO variability results from a random superposition of pulses, then the individual events must have B-band energies between $sim 10^{50}$ and a few times $10^{51}$ erg and time-scales of $sim 2$ yr. Generalized Poissonian models in which the pulse energy and lifetime scale with luminosity are also discussed.
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