I have been studied in Australia for a couple of year, and now returned to HK... Totally understand both places are very difference. Personally, I like the living environment very much. however, when it comes to a location for an MBA, I thinkHong Kong would be a better choice than Australia.
China would become very prominent in global market, whereas Hong Kong is a place with well developmed legal system, world-class financial hub, free flow of information; it definately a great place to tick off your new page.
To be honest, it is just a personal choice. Having been in Australia for a while,I prefer to go to other places. At this moment, HK is my first choice.