Help out an Android guy: iPad Mini or iPod Touch?

Currently, my iPod 4G 32GB is my main music device (I have 7GB of music). I use it to stream to a BT speaker, all my music is on there etc. Now I'm pretty invested in the Android ecosystem, but the iPad Mini has reaaally been enticing me. Apps like Flipboard, all the tablet-optimized social media apps, iA Writer, Paper etc are my main reason for wanting an iPad - Tablet optimized apps. Now Android has it's fair share of great tablet apps, but I'm just really digging the variety and aesthetic of iOS tablet apps and would like something new.

But the thing is, a 16GB iPad Mini is $360 here in Australia, where as I could get a 32GB iPod Touch 5G for $320. I'm considering these two because The 800mhz A4 processor & 256mb of ram is really starting to show its age. My iPod shouldn't be lagging out in the Music app lol. Or should I consider waiting for a Retina iPad Mini or something? I'm sure you guys know more than me about Apple.

Also any other info about iOS you think would be relevant is appreciated. For context, I own a Galaxy Nexus, Transformer Pad, Toshiba Thrive and an iPod Touch, so yeah, I'm an Android guy aha.

tl:dr; Want something to replace my 32GB iPod Touch 4G (7GB of music), do I get an iPad Mini, Touch 5G or wait it out? - considering price, specs, release cycle etc