I used a NZ made Macpac Prophet for almost 20 years. It was quite light weight in its day and used stretch Goretex panels. It had an ergonomic climbing cut that didn't ride up when stretching while scrambling. Unfortunately, it has started to delaminate around the sealed seems, and although still pretty waterproof, it wets out quite quickly.
My fast and light raingear is a Montbell Versalite jacket (pre pit zip model) with waterproof rating of 30,000mm+ and breathability of 43,000g/㎡, along with Versalite pants. These are great if it's not going to rain all day, but are very light weight - 185 grams and 95 grams respectively. I've used them in the Northern loop of Wilsons Prom, which is quite scrubby, and they performed very well in foul weather. I've kept them very clean and apply DWR after each wash. The only wetting out has been on the sleeves around the cuff where there has been a lot of rubbing. I usually travel at a fair pace and sweat a lot, and my only misgiving is that neither the jacket or pants have any venting. They would probably be ok for tracks like OLT in milder months where you won't typically be brushing up against vegetation.
For a trip to the OLT in April this year, I purchased a Montane Alpine Pro jacket from Cotswold Outdoor for AUD360

and a pair of Montane Ajax pants from Backpacking Light in Melbourne that were about $300 with a discount. The jacket is Goretex Pro and the pants are regular 3L Goretex. Day 1 from the start to Windemere Hut saw approx. 40mm of rain and 80kph winds. I stayed totally dry. Subsequent days weren't quite as rainy but at no time did I get wet. I walked in 2XU 3/4 length compression tights and a light weight Patagonia capilene top under the jacket and pants. With pit zips on the jacket and 2 ways zips on the pants, I was able to vent the heat and moisture well. I was unperturbed by high winds and snow on Mt Oakleigh, Pelion East and Mt Doris. Although the jacket and pants seem basic in appearance, they are quite technical and very ergonomic. Both are worth the investment if you can get them at a good price. I have washed both at 40c per manufacturers instructions but haven't reapplied DWR, and they both still cause rain to bead and run straight off.