The nitty-gritty:
Apply for the Westpac Altitude Black card by 5 August 2020, then spend $4,000 or more on eligible purchases within 90 days of new card approval and you'll get the initial 90,000 bonus Velocity Points.
Plus, you'll receive an additional 30,000 bonus Velocity Points after making an eligible purchase in the second year of your account being active.
Uncapped points earn rate: 0.75 Velocity Points per dollar spent on eligible purchases
Annual card fee: $250
Annual Altitude Velocity fee: $50
Minimum credit limit: $15,000
Minimum income required: $75,000
The ANZ Frequent Flyer is definitely a better option albeit Qantas points, but this is worth considering if you've churned through other cards or if you're after Velocity points.
For anyone curious; the upgrade voucher only works with the main cardholder and their travelling party it seems
Economy X Seat Upgrade Vouchers are valid for 12 months from date of issuance and will appear on your Velocity Frequent Flyer membership account within 10 business days of meeting eligible spend. Economy X Seat Upgrades are available to other passengers travelling on the same itinerary with the primary cardholder