When you are logged in on the Amex Australia website, click on transfer point to Airline and click on the overview button of velocity frequent flyer, you get the description of the bonus.
Don't know it this can be used 2 times in a row to transfer 120K points for everyone that got the explorer card 100K points with the 20K referral bonus.
Terms and Conditions
The 5,000 bonus Velocity Points offer is only available for points transfers from American Express Card Members enrolled in the Gateway Membership Rewards program. To receive bonus Velocity Points, American Express Gateway Card Members must be a Velocity member and must transfer a minimum of 60,000 Membership Rewards Points to Velocity in one transaction between 24th January 2017 – 31st March 2017. Please allow 3 weeks after the transfer date for bonus Points to appear in your Velocity account. Velocity Membership and Points earn and redemption are subject to the Velocity Membership Terms and Conditions as amended from time to time, available at velocityfrequentflyer.com.Membership of Velocity is the Card Member’s responsibility. Subject to the Terms and Conditions of the American Express Membership Rewards Program in which you are enrolled, available at membershiprewards.com.au/termsandconditions
To transfer Membership Rewards points for Velocity Points you must be enrolled in Membership Rewards Ascent, Gateway, Premium Ascent, Business Ascent or David Jones Membership Rewards program and be a member of Velocity Frequent Flyer.
It's good if people need the Velocity points now but a couple of times a year they run 15% bonus Velocity points transfer which is a better deal if people are able to wait.