$55 per liter is really expensive for sure. But it does go a long way. Due to living in a more remote location, I could only buy a 20 liter pail of it myself, but back when it was much cheaper. Around $110 Canadian at the time. That of course does nothing for you now. So at your price, I’d only use it where necessary.
I’d never use plastic as a cover since it’s impermeable, anything trapped under it will stay there or even condense the humidity into water during temperature changes. Any natural fabric in my opinion is the much better choice. Even in my dry climate that’s only about 8% humidity inside right now with the heat on due to being winter here. I keep my machine tools covered when there not being used with the cheapest wool blankets I could find. Mostly and with my average conditions, there a dust cover though. A well oiled machine is a dust magnet, and that dust also collects air borne humidity. But even cotton sheets or the canvas might work fine for you.
I don’t know what size of lathe your buying or what might really be available in Oz. Over here and if you can find a long / wide enough CLOTH not plastic BBQ cover, it’s another relatively cheap option if that might work for you.
While it’s not all that durable over the long term, covering the OD’s and faces of your chucks, faceplates etc with a few layers of an automotive paste wax and then buffing that off does prevent rust starting quite well. But it can be easily scratched through. In fact museums use a slightly more specialty paste wax to do the same on just about any metal surface including ferrous and non ferrous. Any trace of rust even starting, I’d just apply another coat of wax. Although it would be useless on slides etc.
I would keep your lathes spindle nose, any threads if used and the same for chuck back plate recesses and it’s threads well oiled. Any rust at all is going to seriously affect your spindle tooling run outs both axially and radially depending on where it’s located.