In Australia are you trying to cool the water, heat the water, or both?
Cooling is more expensive. The cheapest way is to use re-usable freezer packs to put in and out of the water bath and regulate it manually.
For heating water, you could buy a photo heating element which is much more responsive than an aquarium heater and can maintain a higher temp. They go by different names - I recall Dev-Tec and Doran. They are available on the auction site for $10-50 depending on your luck. I have hoarded 4 of them at good prices.
You could also buy a new Photo-Therm water bath. I have one of those too and it works very well. It is a deep tray (various sizes) that has an attached water heating element and a circulation pump. Works fast and maintains a steady temp.