This deal is significant, as it is the rare 'NFC' version, which is better than the Global version that is usually sold in Australia.
The NFC version is usually only available on the Chinese domestic market. Here it is being sold by Expansys Australia, it is sold in Australian dollars, it includes GST, and includes a warranty from Expansys. It seems to be a safer bet than using AliExpress to import it.
Why is the NFC version better? It has the pulse oximeter / SpO2 sensor built in, which measures your blood oxygen levels. The SpO2 sensor is actually inactive at this time, but could be activated with a firmware (software) upgrade from Xiaomi, at some stage in the future. This SpO2 sensor also emits infrared light, which the heart rate monitor uses (which is already active on this model.) That means when you sleep, it emits invisible light to track your heart rate.
Expansys also has the non-NFC version for $10 less (which I believe beats Kogan's price). But the non-NFC version, or the Global version, can never be upgraded in the future to measure blood oxygen levels. It also measures your pulse using visible light, which may be less accurate and brighter when you're sleeping. The NFC version is the better unit.
I just bought 2 Mi Band NFC units for $160.80, including courier delivery within Australia.
This post could almost be spam. Almost $95 for the standard Mi Band 5 Chinese version..?? I purchased one for $41AUD delivered two weeks ago on AliExpress.