All $ values are in Australian Dollars.  Nappies = Diapers in Oz Speak

I am a first time Mum who in a previous life was some what of a "Super Nanny" with about 15 years of experience under my belt.
I thought Mother hood was going to be a breaze, and to be honest, the manual, nuts and bolts of it is, but when it came to making smart  money saving purchasing decissions, all my experience meant diddly squat.  I had been working for people who had more money than I did to play with, so I was flying as blindly as any new Mum with no experience at all.  After 7 months this is what I have discovered.

Use the cheapest nappies you can find for the first few weeks after birth (especially if like me you are out of hospital withinn 24 hours), because they poop as much as they wee, and that's every 5 minutes.  Buying Huggies (The most expensive) is NOT value for money at this time.  They poop tar, the nappy will litterally be dry but black and you have to change it, I used Baby Love and went through approximately 3 boxes.  My baby was small though and was slow to gain weight through breast feeding difficulties, so you may go through less boxes if you have a bigger baby  (mine was 6lb12oz or 3 and a bit kilo's).  The absolute best value for money and quality nappy's and I will sing their praises day in and out I think they're great, are Woolworths/Safeway's Select Brand Nappies.  They come in all sizes and they are really really great quality and sooooooo cheap.  I pay $19.00 for 52 crawlers size, they never leak, they are soft, they look good (pictures on them grip tabs etc.), the new born ones even have a dip in the front to avoid contact with the belly button, Huggies don't.  (I discovered them too late to take advantage of that belly button dip....next time).  

The Coles Brand of Baby Wipes are the best quality and the best value, they also smell lovely, (though I haven't tried the Woolworths/Safeways ones yet).  They are very very moist, you can buy the plastic container and then refills, (3 for approx. $10.00 regular price), I actually got on to them when I was a Nanny .  I found that the Huggies ones were too papery and tear easily, which is the last thing you want happening when you are using a wipe, they are also a lot dryer.

I can also report that the Coles Brand of Nappy San is just as good as the real thing for a 3rd of the cost. 

You may also want to buy some Nyle infant nose drops as my bub had a panic attack when only 2 weeks old, when she had a stuffed nose and couldn't breath whilst on the breast and didn't realilse she could breath through her mouth when off the breast, she actually passed out which was terrifying for me, but for the short while whilst she was unconcious she breathed naturally through her mouth which was the bright side. The next day I got the nose drops, they worked brilliantly and I suggest it is better to have them & not need them than to need them & not have them,  I had to use Vicks Vapour rub which is probably a bit strong for a young infant, but it was all I had at the time.  I will be more organised next time.  No one had suggested this to me before I had bub, I wish they had.

Baby Towels with the little hood in the corner are FANTASTIC & if anyone asks what you want, get a few of those.  You don't need to bath bub every day/night, they don't get that dirty, however using a night time baby bath wash with lavendar scent is a great way to relax a bub who may be difficult to get to sleep.

A lot of babies sleep better when swaddled in a wrap (flannel or muslin, depending on the temperature), my bub however for all my years of swaddling practice of course going to be the exception to the rule. I ended up using baby sleep bags from day 3. I only had big-ish sized ones (she's still in them at 8 months old) but I tucked the sleeves underneith her and the left over feet ends under her and she slept very well in them. Infact after a few weeks she knew that when she was in the bag it was time for bed, so it actually helped settle her, she knew what to expect.  To buy new these bags can be expensive, I got nearly all of mine 2nd hand from friends or from thrift shops.  She wore a different one each night, incase she  chucked, sweat or dribbled on it)

Bibs, I have found that my preffered style of bib are the over the head (juat a head hole) types are my fave as they don't come undone and are easy to whip on and off and cover a lot of shoulder as well as under the chin.  Second place are the valcro joint ones, I have decided that I don't like the lace up ones.  They made me nervous when she was a new born that she might somehow strangle herslef with them.  I don't know how real this fear was, but that's how I felt and it's best to avoid anything that might make you nervous I think.  You will need size apropriate bibs, My newborn dribbled when she fed (still does in fact).  When breast feeding I placed a hand towel under my boob and under my daughter otherwise I had milk pouring right down my belly wetting us both through.  If she didn't wear a little bib during feeds I had to change her clothes as she would be soaked around the neck.

I don't know about the rest of Australia, but my first Mothers Group was told to wash things in hot soapy water and forget about steralising.  My baby has had no colds, infections or anything, she is the only person in our house who has skipped the flu twice whilst my Hubby and I sneezed all over her.  I think it makes sense to build their immune system instead of  making it more susceptable through sterilisation of anything and everything.  Just a tip.

That's it.  I hope I have helped some one.

Good Luck.