We finally have the price and release date for the PlayStation 5. The news was revealed during this mornings PlayStation 5 Showcase alongside games like Demon Souls, Final Fantasy XVI and the announcement of God of War: Ragnarok.

PlayStation Australia has confirmed the Australian pricing for both consoles via Twitter.

• PlayStation 5 – $749.95

• PlayStation 5 Digital Edition (no optical disc drive) – $599.95

For comparison, The Xbox Series X costs $749 AUD and the Xbox Series S costs $499.

The console will launch on November 12 in the US, Canda, Mexico, Australia, New Zealand and South Korea. Other countries will launch on November 19th.