Good news for those looking to purchase a new iPhone! Apple is releasing a new budget model this week in order broaden the item’s appeal amid the coronavirus pandemic’s effect on the global economy.

It’s called the iPhone SE and it’s going to be shipped out to customers later this month.

Of course, it’s still pretty pricey because it’s still an iPhone, with the smaller smartphone priced at $US399 ($AU633), but this still makes it about half the price of the iPhone 11 which at 64GB is selling at $AU1,199 on the Apple website.

The 11 Pro at 64GB is priced at $AU1,749 so the new phone is certainly much cheaper than this variety!

The lower-cost model could also attract more consumers to Apple services, a growing driver of revenue.

US shares of Apple fell 1.1 per cent on Tuesday, less than the 2.8 per cent decline of the S&P 500 index.

The iPhone SE, available on April 24, is the second generation of a previous budget model.

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It will start at $US50 less than what was previously the cheapest iPhone available, the $US449 iPhone 8, which will be retired.

The announcement comes as the United States and much of the world is reeling from the coronavirus.

Every previous iPhone has been unveiled in a polished presentation in front of fans but large events remain banned in Apple’s home base of Santa Clara County, California, where public officials ordered the first lockdowns in the United States to slow the spread of the coronavirus.

Apple will begin selling the new model online while its stores around the world are closed, except those within its greater China sales region.

Apple will start taking orders for the phone on its website on Friday, with delivery of devices expected to start on April 24.

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The company said the iPhone SE will be available in 64GB, 128GB and 256GB models in Australia, with a recommended retail price starting at $A749 including GST.

With AAP.