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Need advice on PC build.

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I'm building my first pc and want some advice/opinions on what i have chosen so far.
Budjet: $500-$700 (Australian)

Motherboard: GIGABYTE B75M-D3H


CPU: Intel Core i5 2320


GPU: Leadtek GeForce GTX 550 Ti 2GB


RAM: Kingston ValueRAM KVR1333D3N9/4G (1x4GB) DDR3


Case: BitFenix Shinobi


HD: Seagate Barracuda 500GB


PSU: CoolerMaster eXtreme Power Plus 550W


Optical Drive: Samsung SH-222BB SATA DVDRW Drive


Is it a good and compatible list?

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that looks like a nice inexpensive set up. but that PSU :o 
not familiar with the B75 chipset and found a review of the board
Gigabyte B75M-D3H Motherboard Sandy Bridge Review
but it should be "ivy bridge"(?)

please consider the following PSUs:
Enermax NAXN Tomahawk II 550W $75.00
Silverstone Strider 500W ST50F-ES $65.00
Antec VP550P 550W Power Supply $69.00
Antec Neo Eco 520C 520W Power Supply $66.00

these 2 will be cutting it CLOSE with the power your set up needs now, if you upgrade to a more power hungry graphics card, than you'll need 500 watts!

Corsair CX-430 V2 Power Supply $59.00
Antec VP450P 450W Power Supply $52.00
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