both r very good Unis, at least within Asia & Oceania (i.e. Asia-Pac) region.
Both are Group of 8 Unis of Australia, the most prestigious and toughest Unis in terms of examination standard (difficulty) , entry requirements, research and other important criterior - i don't mean 'graduate satisfaction' or ' employment outcome in 2002 or xxxx year' since these the former is just something the Aust Good Uni guide come up so that EVERY Uni can have at least 1 or 2 category of full 5 star grading and the latter fluctuates
I am from neither so actual details i dont know that much but you may get additional views from
http://www.cylist.com/Reviews/400300044/which includes the ranking of UK and US unis too!
the ranking of the australian universities is as follows:
1.australian national uni(ANU)
2.melbourne university
3.sydney university
4.UWA(university of western australia)
5.University of Queensland(UQ)
6.UNSW
7.University of adelaide
8.Monash
These are my rankings even though they are all suppose to be equally as good since they are the top eight universities in australia(Go

.
In research(very important) the top three are:
1.ANU
2.melbourne university
3.UWA
And in the number of cited articles(very important):
1.ANU
2.UWA
3.University of Sydney
Review by : Lisa
PLUS not to forget the Annual ranking by ShangHai JiaoTong Univ http://ed.sjtu.edu.cn/rank/2004/top500list.htm which is very well regarded world wide BUT was not
even mentioned in Singapore Papers because NUS and NTU ranked outside 100! out of world top 500 Unis! this is a very good result already but because S'pore media and govt want people to believe that NTU and NUS are the best in the world (top 20, beating even Cornell and other top US unis), they used the UK Times Higher edu supplement ranking which was
conducted ONLY for the 1st time and based on how many foreigners a uni accepted - without considering the quality of the foreigners. Hence RMIT of Australia can be ranked 55 and NUS can ranked top 20 in some category!