Medicine doesn't at all matter. All the course are accredited by the AMA and follow more or less the same cirriculum. So, I wouldn't worry about that.
As for research that usually entails a PhD and if you have high enough marks to get a PhD you probably have high enough marks to move over to another uni if you so wish.
I know the law and commerce industries do pay attention to which uni you go to. I have heard around here if you did not go to UoM or Monash your chances of getting a job at these top companies is very very slim. If you are first starting off anyway. After you've had your first couple jobs it doesn't matter about where you got your degree from so much but where you have worked, ect.
It doesn't matter if theres a true difference in teaching quality or not (we can debate this till the cows come home) but there is a perceived difference in the minds of many people. In a situation where an employer gets 50 resumes for 1 job of course they'd choose what they consider the best they can get. So, just differentiating on resumes, i think they will look for people from UoM/Monash first in most cases. Especially for areas of abundance. If its an area of massive shortage like nursing, i doubt it matters very much at all.
Lets also please be respectful and respond to peoples arguments rather than swearing without presenting a good argument..