No as in terms of getting an employment. A person with 'MD' would be very highly regarded and hence get a better leadership position then someone who just walks in with a plain MBBS degree.
Here, in Australia, an MBBS is the same as an MD (MD being the qualification given to postgrad medical students in other countries)
If the course offers the extra education of the PhD, then yes, it will be a more advanced degree, but i'm not sure it will. To be honest the Melbourne MD needs to offer students the chance to undertake research projects to ensure it doesn't fall behind, but i imagine the faculty at melbourne is working on a very strong cirriculum to offer students, but as of this moment a graduate (non PhD level) MD = MBBS