ING's 6.25% and UBank's 6.21% have been beaten recently by Rabo now.
Difference between UBank and Rabo is $1.58/month per $10,000 (source infochoice.com.au)
Not much but if you want to punish UBank for losing it's game it's a good place to start :)
This offers a more reasonable 7+ monthly of higher rate promotion, unlike the 3/4 month promotions out there.
Note for existing customers:
Special rate is available to existing customers for additional funds added from 20 May 2010. Combined balances of existing deposit accounts as at 19 May 2010 will remain on the standard variable rate, currently 5%
Hooray, finally something for existing customers!