Just to give a rough comparison. One of Vodafone's closest comparison is $40+$15HR for 500mb p/m
Deal summary
Total minimum cost over 24 months : 40 x 24= $960
Iphone SE 16gb RRP = $679
My plan plus $40 + $0 handset repayments
-Unlimited standard mobile calls,SMS &MMS etc.
-1GB data p/m
-Valid across all channels (online,retail,phone)
-Valid for new and recontracting customers
-Valid only with Iphone SE 16GB model
-Valid only with $40 My plan plus
-Offer ends 4/09/2016 unless extended (doesn't seem to be listed on website but that is what I have been informed)
-Can be combined with $10 student discount for eligible students (i.e $36 p/m, see UNIdays website for eligibility)
-Can be bundled with eligible fixed Optus broadband plans for $20 discount off the broadband plan.
Other price drops
Iphone 6s 16gb : $65 my plan plus + $0 handset repayments (save $15).
End date TBC.
Link
Meh.
It's $679 direct from Apple. Can be got for around $530.
$960 - $530 = $430
$360/24 = $18/mo
It's not bad for someone who can't afford it outright and needs a monthly payment plan, though I'm sure Optus can do better than 1GB for >$18/mo. If it was 2GB, that'd outline it as an actual bargain. Currently the only real bargain is the payment plan. Otherwise maybe 10GB on a $65/mo plan would work. ($36-40/mo sim only plan + $25-29/mo ($600/$696) for phone).