When I was much younger, I followed the Australian scene and read Vogue Australia (and had little contact international fashion) and thought it was great then. Nowadays, after so much exposure to international fashion, so much of Australian 'high' fashion looks derivative and amateur.
There are a few gems, as people have mentioned (Josh Goot, Dion Lee), but for the most part, designers who show in the fashion weeks here are so influenced by overseas sometimes you can barely see any originality.
I have to disagree about Romance Was Born though, who are one of the most over-hyped designers in recent years. I find most of the stuff they make horrendously ugly. I remember some Kirstie Clements quote from after she'd just seen their show: something like (and I'm paraphrasing) "oh, they're ready for Paris, so extremely talented". Woman, are you blind?
As for cheaper, everyday clothes. I struggle to find things I really like.