I'm not sure where you guys are looking to do your flying but if I compare some indicative private hire rates in the UK and Aust, I don't see why you're complaining. For example, one large UK flying organization quotes their PPL private hire rate for a C172 as GBP130 ph. At the Bunbury Aero Club I cited above as an example, the rate is AUD219 ph, or GBP120 at today's conversion rate. This assumes that you pay a small one-off amount to join the aero club but, even if you didn't, the rate is GBP148 ph - not as good a deal if you plan to do a few hours flying, but not ridiculous. (I assume that to go to the trouble of getting a foreign licence the idea would be to do a decent amount of flying).
I can't speak for the UK machine but I know the BAC aeroplanes are in nice condition. If you want to reduce the cost a bit, you could choose a 2-seat P2002 for GBP104 ph.
Pursuing an RA Aus option - which allows you to see a lot of Australia - gets you a nearly brand new Tecnam P92 for GBP98 ph.
The overall cost of flying for an individual has, of course, to be related to the cost of living and the disposable income in any given country. However, leaving that aside, I can't see that you're doing too badly just in terms of the direct currency conversion.