Update 12 March 2014: Telstra has revealed that the Sony Xperia Z1 Compactwill be available from 18 March in black, white and pink. You'll be able to pick it up for $552 outright or on one of Telstra's new plans.
Telstra will be giving customers who pre-order the handset a Sony wireless headset valued at $199.95, as well as a chance to win tickets to the 2014 FIFA World Cup as a guest of Sony.
While the phone will be exclusive to Telstra for two months, other telcos and retailers are expected to range the phone from mid to late May.
Following in the footsteps of other cut-down flagships, Sony has mustered up the Xperia Z1 Compact, but as well as borrowing the name from the Japanese firm's high-end handset it also sports several other key elements.
For starters there's the same 2.2GHz quad-core processor, 2GB of RAM, 16GB of internal storage, 4G support and microSD slot that'll you find in the Sony Xperia Z1.
The screen is, unsurprisingly, smaller at 4.3 inches, and the full HD resolution of the Z1 has been downgraded to 1280 x 720 on the Xperia Z1 Compact.
There's more good news round the back of the handset, as nestled into the rear cover of the Xperia Z1 Compact is Sony's impressive 20.7MP camera with G Lens - consider its Samsung and HTC rivals don't get over 8MP (plus they're both dual-core), and you can see the spec-gulf widening..
As seems to be tradition with Sony's smartphone these days the Xperia Z1 Compact is also dust-resistant and waterproof, plus there's a dedicated shutter button on the side and the almost obligatory ability to use the touchscreen whilst wearing gloves.
The sticking point for the Sony Xperia Z1 Compact could be its price, as it's unlikely to be as cheap as the One Mini or S4 Mini - but we'll have to wait and see on that one.
Telstra has confirmed that it will be bringing the Xperia Z1 Compact to Australia starting from April, and will announce its pricing closer to the date.