Apple expected to launch new low-cost 5G iPhone

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The iPhone maker is also expected to launch a new version of the iPad Air and a high-end Mac Mini at the event.

Apple's iPhone SE is currently priced at US$399. CFRA Research analyst Angelo Zino said Apple could attract more price-sensitive consumers if the price remains the same for the new version.

"It could potentially provide upside to our unit iPhone estimate for 2022 if they keep that price point unchanged," Zino said. "The iPhone SE really caters well to a lot of first-time buyers on the iPhone ecosystem that may be younger individuals, where their parents are going out there buying that device."

The new phone would be the first update to the iPhone SE model in two years and is rumoured to come with an improved camera and a faster processor.