Microsoft has cut the price of a number of Xbox 360 peripherals in Australia.

According to GameSpot, the wireless racing wheel sees the largest price cut, falling from Tom Ivan99.95 to Tom Ivan49.95, while the price of the 120GB HDD has been lowered from $229.95 to Tom Ivan99.95.

The wireless network adaptor, wired headset and universal media remote have all been given $20 price cuts - the network adaptor will now set gamers back Tom Ivan49.95, while the headset and remote are available for $29.95.

The price point of other Xbox 360 accessories such as controllers and memory units will remain unchanged.

The peripherals cost reduction follows the introduction of a new Australian Xbox 360 console pricing strategy in July.

Earlier on Monday Microsoft also announced Xbox 360 price cuts in Japan.