You might want to look into a Mosin Nagant. It isn't exactly a hunting rifle but it is a cheap bolt action rifle. They are surplus from eastern Europe (and there are alot of them) and it shoots a 7.62x54r. I picked one up at a gun show in January for $130. You can find them even cheaper online. Ammo is a little hard to find. You can buy a crate of surplus ammo (880 rounds) for about $140. I bought my crate of ammo from Aimsurplus.com but I didn't have to ship it because they are located 30 minutes from my house.
Aimsurplus.com also sells the Mosin's for like $80...but they have to ship to a FFL dealer though, that fee is usually like $10-15