Yes, there is a $59 annual fee but the cashback is not restricted to paywave transactions so it could be used for larger purchases.
Up to $300 cash back with 5% cash back on eligible purchases for the first 3 months. New customers only. Monthly cap, min. monthly spend and T&Cs apply.
Just noticed that ANZ and CBA are doing similar promotions, albeit smaller cashback. I guess this is the latest craze in banking!