On the image to the left (thanks iPod Observer), this might be the newest iPhone. However, the new one has a glossy black back finish, replacing the nickel look on the current model.

This might also be the one that will be released in Australia.

According to iPod Observer, it new design also drops the plastic end piece that covers the antenna, and it will still continue to offer an 8GB model; according to their source.

As well, according to Engadget, the new version is expected to have 3G and proper GPS, the headphone jack will be no longer be recessed. Bad news is that the battery is not removable.