Australians waiting to buy the new Apple iPhone, which is set to be unveiled on Wednesday, will have to pay more than anyone in Asia.
An report compiled by CommSec, the Commonwealth Bank of Australia’s securities unit, has revealed Australia is currently 25th out of 57 countries for iPhone affordability.
That’s a significant drop from 12 months ago, when the country sat at 17th place and was fifth cheapest two years.
Australians will have to pay more than Asian countries for the new iPhone (pictured is the iPhone 7 in Sydney in 2016)
Despite the Australian dollar rising roughly 15 per cent against the US dollar since September 2015, the new Apple handset will still be cheaper to buy in Asia.
Current pricing suggests that Australians could save around AU$170 by buying a 32-gigabyte iPhone 7 in Tokyo instead of in Sydney.
Craig James, chief economist at CommSec, told the Sydney Morning Herald when our currency strengthens it ‘poses challenges for Aussie retailers’.
‘If they don’t pass on the benefits to customers in the form of cheaper imported goods, Aussie consumers may go online and source the goods from abroad,’ he said.
The iPhone 3G, pictured, cost AU$279 for an 8GB model when it was released in Australia in 2008
Current pricing suggests Australians could save AU$170 by buying a 32-gigabyte iPhone 7 in Tokyo instead of Sydney (pictured: iPhone 6 and 6s)
‘Or Aussie tourists may purchase goods abroad in preference of buying goods locally.’
To add to the currency dilemma, CommSec’s index also suggests the Aussie dollar is five per cent to 10 per cent overvalued at current exchange rates for iPad’s and iPhone’s.
‘At current exchange rates Australian consumers would find the latest iPad or iPhone less expensive to buy in a raft of Asian countries together with the US and Canada,’ Mr James said.
Rumours suggest Apple could be releasing a premium iPhone, to be priced as high as $AU 1700 (pictured: iPhone 6)
‘It could be argued the Aussie dollar is too high against major currencies on current fundamentals.’
Those wanting the latest version of the tech giant’s smart devices will have to hope Apple take the strength of the Australian dollar into account when they release the prices.
Rumours around the new iPhone, launching on Wednesday morning, AEST, suggest it will include wireless charging, a near-edge to edge display and facial recognition, which will potentially replace the fingerprint unlock system used since 2013.
The iPhone 3G cost just AU$279 for an 8GB model when it was brought to Australia in 2008.
Some reports suggest Apple may be introducing three new iPhone models, with rumours of a premium iPhone to be priced as high as $AU 1700.