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 $199.95 to $149.95, while the price of the 120GB HDD has been lowered from $229.95 to $199.95.

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 $149.95, 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.