I got an ANZ travel rewards card last year, and the conditions around the return domestic flight have made it almost worthless for me.
Firstly, the 60 days requirement is a real barrier. I suppose it could work for some people with very specific plans, but for a lot of things it isn't practical to plan that ahead.
But let's say you make a booking 60 days ahead, like I eventually managed to do.
If something then happens and you need to change it, you are subjected to fees that are well in excess of what the airline itself charges. Virgin charges $80 to change a flight, which isn't cheap. But then the agent proposes to charge about $115 for a change - whacking another $35 on top. It's also so much harder to negotiate and make changes through an agent.
Certainly in my situation I have ended up behind and I'd rather just have the $225.
If you can make it work, you might end up ahead, but the 60 days limit makes it so much harder (I have previously used a return domesic flight that didn't have such restrictions, and it was great).
Maybe only worthwhile at Christmas / holiday time when it's usually not possible to get discount flights. That's is unless there are restrictions?