Yes the ferry is the cheapest - but it is not cheap. Last October two people and one bike was A$800 return (that's about US$600) and that was in aircraft style seats, cabins add to the cost.
Also be aware if you want to use the ferry you really do need to book ahead: in season the ferry is usually full. When I did my crossing I didn't realise this and when I went to book found the nearest sailing with space was nearly one month away. Only pleading on the phone to the ticket office finally got me on to one in only two weeks time.
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