We reported yesterday about a new rumor that Microsoft will cut prices of the Xbox 360 in the United States by $50 in the wake of the E3 Summit in July. After Europe, which has seen a Xbox 360 price-cut in March, Australia is next.

Kotaku reports that all three Xbox 360 consoles available in Australia are seeing price cuts. The Xbox Arcade is now selling for $349* (was $399), the Xbox 360 Pro is now selling for $499 (was $579) and the Elite is now selling for $649 (was $729).
The price-cut of the Xbox 360 in Australia can not be taken as confirmation that Microsoft will cut them also in the US. Nothing happened in the US after the price-cut in Europe.
More details on Kotaku.
*Australian Dollar.