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You can expect a PlayStation 4 price drop to be announced for Europe in the morning, as the appliance has just seen its RRP slashed in Australia. Despite them playing football with their hands down under, the country is actually operated by SCEE, and gaffer Jim Ryan commented on the reduction in a press release. "We are delighted to deliver the PS4 system at its best-ever value just in time for the holiday season, making it more accessible to a broader audience in Europe," he said. Umm

The console will now retail at AUD$480 in the Nation of Neighbours, where it previously used to sell for AUD$550. Judging by leaked retail banners, the price will drop from €400 to €350 in the Old World. Of course, while this drop may not look huge on the surface, it means that stores will have the breathing space to go even lower, which tends to be what happens in Europe. Naturally, we'll update you as soon as everything is official – but this is happening.

Update (11:15AM BST): The price drop's now been confirmed for the rest of Europe.