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The camera is also excellent - with LG Innotek's optical image stabilizer for less blurring, noise, and good for taking shots in dim light.
The new Nexus 5 also includes Photo Sphere making it easy to capture a series of photos and turn them into a 360-degree experience, and improved HDR+ mode instantaneously captures a burst of shots and fuses these images together into one photo.
The Google made smartphone comes in both 16GB and 32GB versions, in black or white. It costs A$399 for 16GB and $449 for the 32GB model, shipping takes 2-3 weeks, according to Google Play.
Nexus 5 is the world's first phone running the Android 4.4, KitKat operating system.
So what is KitKat anyway?
"The first thing you'll notice about KitKat is we've made the experience much more engaging: the book you're reading, the game you're playing, or the movie you're watching - now all of these take center stage with the new immersive mode, which automatically hides everything except what you really want to see", writes Sundar Pichai, SVP, Android, Chrome & Apps on a blog.
The new dialer automatically suggests people you are the most likely to call, while Caller ID matches an incoming phone number to a business even if not stored in the contact.
You can send texts directly from Google + Hangouts, which now supports location sharing.
Nexus 5 will be available for purchase from today in Australia, as well as Korea, Japan, United States, Canada, France and others.
Processor: Qualcomm Snapdragon 800 with 2.26GHz Quad-Core Krait CPU
Display: 5-inch (actual 4.95-inch) Full HD IPS (1920 x 1080 pixels)
Network: CDMA/1xRTT/EVDO, GSM/GPRS/EDGE, WCDMA/HSPA+, LTE Memory: 32GB / 16GB RAM: 2GB
Camera: Rear 8.0MP with OIS / Front 1.3MP HD
Battery: 2,300mAh Li-Polymer
Size: 137.84 x 69.17 x 8.59mm Weight: 130g
"LG is proud to partner with Google again to develop the fastest, most powerful Nexus phone ever," said Dr. Jong-seok Park, president and CEO of LG Mobile.
"Nexus 5 offers the ultimate functionality in a modern design and is a testament to the level of innovation that can be generated when two great companies come together for a second act."