I'd stay closer to home than Asia as well, so that you won't suffer for too long in coach and you can put more of your budget into the destination. If it were me I would be looking at the Caribbean, but maybe that's just because it is prohibitively far from Melbourne (home base).

Does anyone go to Bermuda any more? My dad used to love it in the 70s (I still have the tacky T shirt to prove it!) but I guess that's not much of a recommendation!