I would say Monash.
- Facilities.
- Old Model.(Graduate with B.Eng, as opposed to a B.Sci-making Masters somewhat neccessary)
- General Feedback from Melb Uni(from about 5~6 students-mostly Materials/Electrical Eng)
-Melb Eng sucks.
-Do it at monash. - General Feedback from Monash Uni (from about 3 students)
-It rocks.
-More interships opportunities(you can't graduate without one anyway, more incentives for the slackers
) - More scholarship Opportunities as opposed to Melb Uni.
- Double Degree's are an option
- Certain branches of Engineering aren't available at Melb Uni
And Most Importantly.
I'm going there.

Guess the only thing Melb Uni has going it's way is the name, but seriously, a degree of say M.I.T/UC or some prestigious Uni will not be able to carry a person far into an industry unless you have a proper tertiary education. I'm not saying that Melb Uni is bad (and don't even think that I imply MIT/UC are bad Uni's, they're just examples and quite farrrr away from Australia

).
IMO, Monash Eng beats Melb Uni. Don't like things like distance/friends/other difficulties prevent you from choosing the right Uni.
P.S. This might be a tad biased since I'm going to Monash, but it does have some facts.