iPad with retina display is at its cheapest in Australia as the country ranked the 13th cheapest place for an iPad purchase in the latest iPad Index report from CommSec.

"The iPad is priced in US dollars and manufactured in China and across both those economies the Australian pricing on an iPad is pretty similar," CommSec economist Savanth Sebastian said in a report from AAP.

Australia's ranking in the index reflects that the Australian dollar is at its fair value.

"It suggests that the Aussie dollar is probably around fair value against the greenback," Mr Sebastian said.

He also predicted that the Aussie dollar will remain at its current value against the US dollar as the latter suffer inflations and interest rate cuts.

"Over the near term it's probably going to hold around these levels, we don't see it heading back below 90 cents for some time. There's really not much of a catalyst to suggest there is a need to push it in that direction," Mr Sebastian said.

Mr Sebastian said that the value of the Aussie dollar is not only beneficial to the consumers but more importantly to the country's economy. He explained that a lower currency motivates the Australian exporters to become more competitive.

"There's no question that a lower currency would be a lot more beneficial in readjusting the Australian economy," he said.

In March 18 2014, Apple Australia announced that the iPad with retina display became the most affordable 9.7 inch iPad at suggested retail price of A$449, inclusive of GST for the the 16GB Wi-Fi model and A$598 inc. GST for the Wi-Fi + Cellular model.

"Now for $449 customers can get iPad with a stunning 9.7-inch Retina display, fast A6X chip, and 5MP iSight camera, offering a dramatic upgrade in power, performance and value compared to the iPad 2 it replaces. The iPad line sets the gold-standard in mobile computing and all iPads have access to the largest and best ecosystem of more than 500,000 iPad optimised apps from the App Store," said Philip Schiller, Apple's senior vice president of Worldwide Marketing.

Japan is the number one cheapest place to purchase an iPad at $US480 while Argentina is the most expensive place to buy an iPad at $US974.