The Moonah course looks fantastic and is fun to play, but is largely devoid of strategic interest, with the exception of the par fives. This is largely because the bunkers are largely out of play, generally short of the greens. A feature of the best Australian courses is the brilliantly placed bunkering, and Moonah falls down badly in this area. They look fantastic, but they are largely decorative. It would also be more fun to play if there were a couple of good, tempting shorter par fours, another real weakness.
I also disagree with Mike Clayton that it is probably more capable of defending itself against the pros than any course in the whole country. The longer you can hit it on this course, the easier it is. The sole strategy off the tee is to bomb it. Contrast this with Royal Melbourne, Kingston Heath and Woodlands, probably the best four courses on the Sandbelt. The pros, without bunkers to worry about and very large, generous greens, would eat Moonah alive.
But does it deserve its ranking? Maybe, probably somewhere in the 10-20 position. As Mike pointed out, it doesn't hurt when other clubs keep punching themselves in the face.