As Keith has said, the only wise move is to wait for every card issuer to respond to the RBA’s unjustified changes.
There are threads on AFF asking the same sort of questions, and the most important thing to understand here is that all card issuers other than American Express and (partially) Diners Club will be impacted. The Citibank-issued cards that are branded anything other than Citi or Virgin Money have been hit hard (Suncorp, Bank of Queensland and others aren’t worth owning thanks to these changes) and the cards from smaller issuers with less other retail banking business in Australia will likely be hit hardest (HSBC comes to mind in particular here).
The cards issued by ANZ, CBA, NAB and Westpac will most likely end up being a better deal compared to their competitors than they are now once all changes are done given they all have sizable acquiring businesses that they can use to offset some of the Interchange Rate reduction that the RBA is blindly mandating. I suspect that we’ll see Citibank have the highest earn rate per dollar on non-American Express cards with the Prestige product thanks to the high annual fee and benefit reductions with the cards issued by the major banks maintaining their relative positions in terms of value.