With so much chit-chat concerning an impending Xbox 360 price cut in the US doing rounds on the intertubes, it comes as a surprise that the Australian arm of Microsoft today beat the American one to the punch on that front, dropping the price on all 360 units in the Land Down Under.

The cheapest system, as well as the most bare-bones of the bunch, that is the Arcade SKU now retails for AU$349 (previously AU$399), the Pro unit now comes in at AU$499 (previously AU$579), and finally the Elite console is now available for AU$649 (previously AU$729). The aforementioned price drops make Microsoft’s console the most affordable next-gen console in Australia, undercutting the AU$699-priced PS3 unit by AU$349 and the Wii by AU$50.

All eyes now turn to North America…