A few things -
1. Melbourne's "MD" is equivalent to any Australian "MBBS". Everybody here is somewhat annoyed that Melbourne is calling it "MD", since that seems somewhat confusing. Either way, if you go back to the US, your degree will be called "MD". If you stay in Australia, everybody will know that a Melbourne MD is not really an MD.
2. The Australian MD is not equivalent to the American MD/PhD. An American MD/PhD is like an Australian MBBS/PhD. The Australian MD (except Melbourne) is a degree that has no analog in America. It's conferred to a person who holds the MBBS degree for several years, has substantial research accomplishments in their career as a clinician, and puts together a dissertation. That's a slight distinction from a PhD, in which you pursue full-time research outside of your clinical career. The distinction is small and doesn't really matter for most people, but I just thought I'd clarify.
3. The Times Higher Education Supplement rankings are for biomedicine (i.e. undergrad/graduate life sciences), not for medical school. The THES rankings do give us a guide for how the Australian schools compare to other universities around the world, but they're not accurate enough to say that #17 is better than #22 or #23. That is compounded by the fact that Melbourne and Sydney have recently gone through a thorough improvement of their curriculum and that ANU's med school is brand new.
4. There's a difference between "international student" (foreigner trained in Australia) and IMG (foreigner trained outside of Australia).
Acheron said:
What kind of chances to I have at matching to a residency program somewhere in Australia (preferably urban) being an IMG? Considering I graduate somewhere in the top half of my class.
This question has been beaten to death, brought back to life, beaten to death again, sent to Hell, and then tortured some more.
The fact of the matter is that nobody in Australia knows the answer. Nobody.
At the moment, they barely have enough internships (aka first-year residencies) for all of their students. In the next few years, class sizes are increasing every year and there's no immediate plan to increase the number of internships. Some people are optimistic, others aren't. The state governments say that they'll handle the problem when the time comes closer, but it's a stressful situation for students.
If they don't have enough internships, then international students will get the shaft, regardless of how good your grades are. They have made it clear that no international students will get first-year internships until all local students have placements. After the first year, you apply to specialty training programs, and then you'll be judged on merit - but for the first year, it's based entirely on your passport.
So - after you graduate, you might have to go back to the US. Personally, that doesn't bother me too much... I mean, I lived in the US for most of my life, and it's not that bad. It's a bigger issue for the students who come from places like Malaysia.
If you're hard-set on staying in Australia, there are a few ways to get yourself an internship... but they're all difficult and might require you to delay your training by a year.
Oh, and I know that I said that there's no "best" medical school in Australia, but Sydney is the best medical school in Australia. Woot!
One of these days, I'll start a thread where everybody pitches the best things about their own school. Jokes aside, I do think that the teaching at USyd is spectacular, to say the very least.