As ING is closing the 2% cashback offer at the end of September, I assume there are a lot of OzBargainers out there that are looking for a similar type of bank account. Here is the closest I could find.
There's a few major caveats though.
The deposits into that particular type of account aren't guaranteed by the Australian Government Deposit Guarantee.
EFTPOS (not credit or payWave), declined transactions, direct debit, and transfers are not free.
It may be possible to get free transfers by opening a different type of account at the same time (another one of their accounts has no monthly fee, no bonuses except has no transaction fees), and doing an internal transfer before doing an external transfer - I am yet to speak to them about it.
Fees are expensive. There is also no way to avoid having the cents to the nearest dollar scooped up and donated to charity at the end of the month.
To get payWave cashback (which is paid at the end of the month rather than at transaction settlement), increase from $1,000 to $1,500 deposit.
No ATM rebate, only rediATMs (NAB, BoQ and Cuscal managed ATMs) are free.
As with the old ING Orange Everyday offer, the 2% cashback offer may be withdrawn every month.