Scored the nicest pair of snowboarding pants from Vinnies today on a half price special for $4. Waterproof, breathable and warm. You can also luck the odd bib and brace style longs.
I have also had a good run with the Aldi snowboard jackets. Thing to look for is sealed seams. The only problem you will find with this sort of thing, is that you need some Inox or similar grease to lubricate zips and stop them rusting shut when not in use.
If you have a bit more money to spend, for around $200 plus postage,I bought a Original German armed forces Parka BW Marine Waterproof Gortex lined Jacket on Ebay from
http://www.ebay.com.au/usr/bundeswehr-und-mehr_de?_trksid=p3984.m1439.l2754 At first I was suspisious of the high price. No, it is beyond over-engineered like only Germans would know how! Not only will it protect you from the harshest weather, but if the boat explodes in flames, you should live!

Provided they still have any in stock, it is also worth getting one of the cheap basic Gortex German Police jackets (ORIGINAL POLIZEI REGENJACKE NÄSSESCHUTZ JACKE GORE-TEX) from the same seller.
Oh, don't buy the Chineese Brand rip-off Gortex jackets on Ebay. I got a North Face one that had an instantaneous self destruct mode!