Yup. Five years ago I was on my arvon1 on outback and northern Australia, and spent $1000 in 6 weeks. This past summer in a more built-up part of Australia I spent $1000 in 4 weeks. Mind you, this time I paid for campsites and ate more meals in pubs along with more beer - but that is what happens when I travel in built up areas.

Seriously, bicycle touring has got to be one of the cheapest ways of travel. For me, it is cheaper than staying at home. YMMV.