I'm also an Aussie, and I'm building my first cabinet (bartop). I haven't dared add up the receipts yet, but as I had all the computer hardware, it won't be so bad (and I'm not counting the tools I've bought as I shall have many other uses for them).
Aside from the fact that I don't have room for anything larger than a bartop, my primary motivation is the experience of making - the journey, so to speak. Apart from a bad plant pot holder in year 9 at school, I've never made anything with wood. Whilst my bartop isn't perfect, I've learnt a hell of a lot and I've had even more fun - and it's not finished yet (now that it's palyable, progress has slowed a lot).
For the size of your budget, you could get a pretty decent machine or two second-hand, but you won't have the fun of designing and building your own machine. For me this is the most important aspect. Sure, playing Ms Pac-Man may be fun, but it's the experience of building it that really matters - and I don't even have a carport, let alone a workshop, to leave my tools out and my work set up...