Nice little churner for those between Qantas cards.
Note that the ANZ Qantas Frequent Flyer cards are on a different reward system and therefore it doesn't matter if you have held one of those cards in the last 12 months. Just have to make sure that you haven't held an ANZ Rewards card in the last 12 months. It used to be the case that the ANZ Rewards Travel Adventures card was treated separately as well, but I note that this is now specifically included in the 12 months exclusion clause as well.
$50 back makes the annual fee of $95 effectively only $45 in the first year.
Spend requirement is only $1,500 in first 3 months, which is lower than it usually is for this card.
100k ANZ Reward points can be converted to 50k velocity points or 33.3k Krisflyer points.
22.2k ANZ Reward points can also be converted to $100 Coles or WISH eGift Cards, which makes this bonus worth around $450 total. You can also use the 100k ANZ Rewards points for straight cashback of $400.