The world of 3G may have been fast, but the one for 4G is much faster, but that shouldn’t necessarily come at a heavier cost. LG appears to agree with us on this one, announcing a smartphone that will deliver high speeds without the high cost.

It appears to be the mood of this time of the year: high-speed phones on a budget, as HTC showed us one last week, announcing the Desire 816 for Australia and Optus, which we’re reviewing right now.

LG is joining in on the fun, with the F70, a 4.5 inch smartphone that will bring Android in its most up-to-date form, with some of the ideas set to arrive in LG’s upcoming G3 smartphone.

These features include “KnockCode,” which lets users unlock their phone by tapping a pattern of knocks on any part of the display, provided they match the original pattern they entered in.

You’ll also find a 1.2GHz Snapdragon 400 quad-core processor here, 4GB RAM with a microSD slot, 5 megapixel rear camera, and a 2440mAh battery. We’re not too pleased to see the memory is set to 1GB RAM, below the 2GB sweet spot Android seems to prefer, while the front camera is also VGA only.

That said, the LG F70 is a budget phone, coming to Optus for $264 outright or on a variety of plans, so one could say this is expected. In any case, you’ll find it in stores across the country now.