Also, I believe that as a result of the Melbourne Model, there's less variety of undergraduate degrees that students can apply for, leading to the total number of applications for Monash being higher than Melb. Similarly, I'm not surprised with this statement:
"The data shows that a large number of students decided to change their preferences after receiving their ATAR score. In December, 2113 students had nominated Medicine at Monash as their first preference. But by the time the change of preference period closed, 537 fewer people had listed the course as their first choice."
...considering I know quite a lot of people who removed Monash med from their preferences after receiving an ATAR/UMAT combination that seemed disappointing to them/put some sort of a pressure on them to do very well on the interview (if they received an interview offer) for a chance at admission.