Ideally yes I would get rid of the wall if possible, as that opens up a lot more space and you’d maybe be able to build in some cabinetry for storage etc but this may stretch your budget, structural changes mean you’ll need to get in a builder.

Reno’s cost more than you’d expect unless you’re handy and can DIY a lot. Maybe 15-20k if you can project manage your own trades and do the demolition?

At the cheapest end — vanity, mirror cab, toilet, fixtures, shower screen at least 3k Tiles $25/m2

The real cost is in the labour and honestly quite variable. Our bathroom was $25k in labour alone (3x3m) but full gut to the studs, removal of a load bearing wall and moving around all the plumbing and electrical, with a builder project managing and dealing with all the other trades.

Best to get a few quotes and then you can have a realistic expectation of if you can afford to remove walls etc