Yep. you are right. For medicine, which is the best?
I don't know about other states. But Sydney U has the best reputation for medicine. However, they don't accept undergrads for their medicine program anymore. You actually, have to have a degree, sit for a test and interview before they would accept you into their medicine program. I remember they changed this around 95 when I started my studies in UNSW. Because of this, medicine in UNSW became very popular and competitive. I'm not sure if that is still the case now, there is a big scandal that happened to the medicine faculty a couple of years back that tarnished it reputation.
By the way, what are the definition for you guys for High-end IT? I'm a bit confused over what you guys mean by high-end, low-end IT jobs. From what I have gathered, I could be wrong here, are you guys referring to Oracle, DBAs, ERP etc stuff? What about programming jobs? Software development in R&D? Sydney has google which recently announced google wave that was developed here. Shouldn't that be considered cutting edge stuff as well? May not pay as much as what you guys are looking at in the ERP area. There are innovation in this country, maybe not on a general country wide level. Aussies did invent the WiFi, we have good programmers, coders in this country. I would even hazard a guess that there are very talented people in this country compared to what you can find in Singapore. Its probably not in the same "area" of IT you guys are thinking of.