I wouldnt eat anything caught from fishermans.
I got my bait caster from "top end fishing supplies" now" top end tackle world", paid $160 i believe. The blokes there are very helpful with line and tackle selection, because they "do it all the time".
Also, if your looking for rods, surprizingly enough Cash converters have a fairly decent range of quality rods and reels, i would buy there before getting Kmart crap.
For blue water and harbour fishing on boats etc, i'd just stick with the handlines, sounders find the fish for you.

For a decent rod reel package, line and small tackle selection shouldnt cost you any more than a couple hundred bucks.