Are you going to be off trail or on trail? If you are staying on trail that I would generally recommend going with DriDucks which are less than 10% of your budget… I have seen them as cheap as $12.95 for pants and jacket. While not quite as good as eVENT, they are bloody cheap and get the job done.
If you are going off trail you would want something more durable. If the off-trail was going to be in the USA, I would recommend: $220 Showers Pass Elite 2 jacket made from eVENT (13 oz, pitzips, hoodless), $198 Montbell Peak made with BreezeTec which is better than PacLite but not as good as eVENT (12oz, pitzips, good hood), or the $240 ID eVENT Rain Jacket.
As others have noted (with a disagreement with Michael) eVENT is noticeably better than GoreTex and the PU materials used by TNF, MH, and Marmot. I would agree with Michael that even with the breathability of eVENT, I would like pitzips because no fabric is sufficiently breathable in all conditions.
Roger and some of my friends have reported off trail in NZ / AU can be pretty rough… so if you are doing off trail you might want to focus on more durability, even if it is at the expense of some breathability. I had suggested Gore-Tex Pro because I had heard they have ramped up the durability… but Roger’s later comment makes me wonder what would be good option. One thing that comes to mind is Frogg Toggs because they are cheap so when you trash they you don’t cry, a ore durable than DriDucks, and easy to repair with duct tape… but lets seem what the folks down under suggest.
More info on the recommended raingear page.