ANZ Platinum rewards - possibly the best one I've seen so far.
50,000 reward points and no annual fee for the first year. Reward points can be converted directly back into credit, or as cash into an ANZ account. The exchange rate isn't great, but the earning rate is fantastic - 3 points per doller on AMEX and 1.5 points per dollar on Visa.
Basically, it amounts to a 1.5% discount on all purchases on AMEX and 0.75% discount on all other purchases.
The annual fee is actually not too bad ($149), but I'd still cancel the card before then, unless I can manage to get the fee waived.
In the meantime, I'll enjoy a healthy discount on my council rates (0.75%) and water rates (1.5%) as well as practically everything else. If you factor in tax deductibility of expenses, the discount is actually higher.
My Platinum Edge card is still better when shopping at major grocery outlets (2.5% discount) and petrol (1.7% discount), but this ANZ card is better everywhere else.
I believe you can get this card free with a mortgage as well.