I'm an Australian citizen and have lived in Canada for the past three years (became a PR in December 2015) so I'm pretty qualified to give you a run down about both.
Both countries are extremely similar but where Canada has a big advantage over Australia is greater distribution of population outside of major cities. Example, outside of Toronto, you have major economic hubs such as Waterloo/Kitchener (Blackberry, Manulife, Sunlife, other start ups in IT); Cambridge (PepsiCo, ComDev, OpenText) and where I personally reside, Guelph (Linemar plus a host of medium sized firms). There is great opportunity for immigrants to move to these regional centres and really set your life up, especially if you have skills in Finance, IT and Engineering.
Whereas in Australia, everyone from business to individuals want to reside in the capital cities, especially Melbourne and Sydney and have created somewhat super cities which have put huge pressure on housing costs. House prices in Sydney are ludicrous and Melbourne is becoming worse and worse. The regional towns have nowhere near the economies of their Canadian equivalents which means people with talent are forced to stay in the big cities.
I'm currently back in Melbourne visiting my family, I did a very quick calculation comparing wages and fixed costs (rent, groceries, motor vehicle etc), I would have to earn $40K+ more in Melbourne to live the same quality of life in Guelph, Ontario.