I have a feeling the OP may be in a Different Life Stage to you Sator
I am sure you are right but even students are able to afford to spend more than $300 if they're really passionate about something. For example the top of the range iPod costs $349 at full retail price. Many students own computers which they upgrade with all sorts of odds and ends - all of which amount to well over $300. When it comes to a suit however, when someone mentions a budget of $300, I just sense the passion is lacking.
In Oz, a suit is regarded as something you are forced to get, like an enema for bad constipation. Hence the hoards of ugly Chinese made fused monstrosities that proliferate here.