I agree with squidboy about how much you have to spend and would also recommend you check out the maritime website to get the right safety equipment, depending on how far out you go. You'd need a beacon, extra fuel, water just to name a few if you're intending on heading out.
Check out that link should help you.
http://www.maritime.nsw.gov.au/sbh/safety_equipment/safety_equipment.html
Cheers
Su