If we take fees into account:
2% (1% for Amex FX and 1% for Wise):
$100,000 AUD on a x3 category (Direct Spend on US Amex) = 65,000 USD = 195,000 US MR/Aeroplan Points.
$100,000 + 2% = $102,000 AUD for 195,000 US MR/Aeroplan Points.
$100,000 AUD on general spend (Direct Spend on US Amex) =...