The tech colossus added another US$9 billion to its vast position in cash and investments during the quarter, bringing that to $US203 billion - more than the foreign reserves of countries like Germany, the UK, France, Canada and yes, Australia.

Wall Street wasn't particularly thrilled with Apple's quarterly results. Credit:Reuters

Since Australia has one of the highest iPhone penetration rates in the world, it's reasonable to assume it generated some of that money in the last quarter (and all those quarters before) by selling devices on these shores. Yet, as reporting by the likes of Fairfax Media's Michael West and Neil Chenoweth has shown, Apple doesn't pay much tax on its sales here, using notoriously complex schemes to shifts its profits to lower taxing jurisdictions.

But it does seem to invest in debt issued by Australian governments and banks. A recent report by Bloomberg said representatives from all of Australia's big four banks, heavily reliant on overseas funding to write loans domestically, had sent representatives to visit Braeburn Capital, the secretive operation in the Nevada desert that manages Apple's cash.

If so, this would mean Australians aren't just buying iPhones and other devices, they're also effectively paying Apple interest. In return we get...great products. It's pretty clear who's getting the best out of this relationship, and it's not Australia.