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Lower in price, less than in Australia? (4,5)

Ross

I believe the answer is:

down under

I'm a little stuck... Click here to teach me more about this clue!

'in australia?' is the definition.
(I've seen this before)

'lower in price less than' is the wordplay.
I cannot quite understand how this works, but
'lower' could be 'down' (synonyms) and 'down' is found in the answer.
'less' could be 'under' (I've seen this in other clues) and 'under' is located in the answer.
No letters remain.
This may be the basis of the clue (or it may be nonsense).

Can you help me to learn more?

(Other definitions for down under that I've seen before include "Location of those in the Antipodes" , "Informal location of Australia" , "Informally in the antipodes" , "Far beneath, like Australia" , "Australia and/or New Zealand" .)

I've seen this clue in The Telegraph.
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