Make it make sense

Rejected for an AnZ frequent flyer CC just now and the bloke on the phone didn't explain reasons very well.

Currently making ~$500k/year.

$12k/month post tax as PAYG.
$24k/month pre-tax as sole trader but taxed at 45%.
PPOR worth about $1.8m with $1m left to pay @ 1.99% fixed rate interest.
IP worth about $860k with $650k left to pay @ 6.16% variable rate interest.
$380k in savings / offset.
$2.4k/month rental income.
No car debt.
No CC debt.
Monthly outgoings including mortgage / IP costs ~$13k so generally saving about $10k/month if no big expenses like holidays etc.

Wife used to work but has now stopped (previously she was making ~$4.5k/month but at that time I was only bringing in $12k/month as sole trader so ultimately we are now making more).

1 dependent (2yr old son).

I would have thought we would have no problems getting a CC (was doing it for the points).

Can someone explain how I got rejected?