There are many factors that will dictate how long your production will take, ranging from how well rehearsed you and your musicians are, the complexity of the piece or the type of production that you want.
As a guide from experience, for a single track with a basic band: bass, guitar and vocals. I would usually allow 2-3 three hours tracking, 2-3 hours mixing and 1-2 hours mastering.
So around 8 hours total @
$50 per hour plus GST
Thats $400 + gst = $460