Three of the four major telcos in Australia have 4G coverage available, with Vodafone beginning the rollout of its network this month.
However, 4G functionality has tended to stay in the realm of the higher-end smartphone market.
With the Optimus F5, LG is hoping to reach a wider audience, with low-cost prepaid and postpaid offerings from both Optus and Virgin.
The phone itself has a 4.3-inch qHD IPS display, along with a dual core Snapdragon S4 running at 1.2GHz.
The F5 runs the Jelly Bean variant of Android (4.1.2) but also has a number of the software add-ons from other LG phones, such as quick memo, multitasking and video editing.
On Optus, the Optimus F5 can be bought for AU$299 outright, or $0 upfront on the AU$35/month plan, with a total cost of AU$840 over 24 months.
Over on Virgin, the F5 is $0 upfront on the AU$29/month plan, with a total cost of AU$696 over 24 months.
The Optimus F5 is the first of LG's F series of handsets in Australia, with more models arriving later in the year.