Have you considered not having a car? It saves a lot of money - and a lot of stress.
I set aside some money to buy a car last year, but never did. I liked the way that money looked in my bank account a lot better. Plus no petrol costs, or licensing costs, insurance, parking...
Not sure where you are in melbourne, but it's pretty practical to get around there without a car. Might require a tram ride to a train station though.