How much money will i need for Ibiza?



How much money will i need for Ibiza? I will be stay for about 1-2 weeks, accomodation, food, clubbing etc..
I hear the hotels are very expensive there is that true?
Also what currency is used in Ibiza? is it pesos?
I need an Australian $ converter to ibiza's currency.
Oh sorry i didnt realise that was there, i guess its a common question.
Thanks alot for the link :)
Is this just for club entry and drinks or does this include accomodation?
that was for spends. I spent £150 on return flight and insurance and about £130 on accomodation, bringing the entire hol to round £1000.
money to take

take what you can.?? spend what you want to spend.??enjoy yourself.ok.if this is just a one off trip,go over the top??or see me in sept for loan?? 28 th.woody xxx
We averaged approx 100-Euros a day (food, drinks, beach chairs/umbrellas, gas, car wash, club entry etc...).
Note: we went clubbing about 2-3 nights/week.
Im only going for 1 trip, if i love it i may come back but the thing is, i live in Australia, i will be getting a job soon and saving up for 2-3 years so i have enough for my trip, ibiza is only 1 part of my trip, im going all around spain, staying around 1 week in each city (not every city) i probably will need around 6000+ Euros So i need to know how much i will need for accomodation, clubbing, drinks and food etc while i am there.