My first visit to Australia was in 1997 and with the Aussie dollar at $2.2 to the British pound I did pretty well, although I stayed in hostels and with friends rather than in posh hotels and I also lived on cheap burgers and supermarket foods and never set foot inside a restaurant.
I did the same frugal living on my 2009 trip but was much worse off, and I was surprised at how much prices had gone up there. Australia is probably comparable to the UK, maybe slightly cheaper but I don't think so.
It hasn't put me off though, I'm coming back next year
