Aussie retailer Big W has slashed the price of its 40GB PlayStation 3 consoles and is currently selling them at a price of AU$598 (US$525, £257) which is well below retail cost and the local RRP of AU$699.95.

Competing mass merchant store, K-Mart, is also reportedly selling PS3s for the same price. Meanwhile, JB Hi-Fi stores are doing a deal for AU$688 with 3 Blu-Ray movies thrown in.