CommBank offered to convert my Awards points into cash, with a 10% bonus. It’s 96,000 points, normally worth $480, but with the bonus it’s $529. So it’s 181 points to the dollar (normally 200 points to the dollar).
In comparison, one of their Rewards is an Xbox 360 Kinect 4GB Console Bundle. This is 90,000 points, and according to a quick search of Lasoo, retails for around $399, so that’s 225 points to the dollar.
They also have gift cards for major chains, costing between 78,000 and 82,800 points for $500 (156 to 165 points per dollar).
So in fact the best option might be to do the gift card thing, and aim it at a purchase which is likely to be on sale.
Whatever I choose, I need to keep remembering that those 96,000 points were earnt by spending 96,000 dollars on my Mastercard. Aye carumba.