It didn’t seem much remarked but last week Apple started selling iPhone 3GS’s completely unlocked in Australia for $1040 (US$840) for the 32GB model. And the Apple warranty still applies. This has happened before but not in Australia. Our of curiousity, I took a look at what appeared to be the eBay price of these new phone. They are trading at around $1400 (US$1130). That is a 35% premium and would be quite an earner for any would-be arbitrageurs. Without volume data, it is difficult to tell precisely what this means for the whole AT&T exclusivity deal in the US but, in this economy, that looks like quite a business opportunity.