Went to Officeworks today and found that the WD My Book Essential 1TB USB 2.0 External Hard drive was on clearance for $67.00
Cheapest on staticice.com.au is about $95+
model no. WDAF1000BK
I don't care for USB 3.0 for backup. I schedule my backups to kick in overnight. So speed isn't an issue!!
EDIT
As someone else has mentioned, 1.5TB for $99
EDIT 2
Uploaded receipt - note: used coles staff discount to get price on receipt. Ticket price still $67.00
http://upload.ozbargain.com/2011/02/19/5407_photo.jpg
Not half bad, geez. Need some extra storage for game backups and was going to buy a 2TB internal for $105 but this is really tempting.