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Numerous British Commonwealth institutions are clearly overrated by QS and THE, both of which are headquartered in London. I ignore their rankings.
ARWU (China) is considerably more reliable, and only one Australian institution makes their global top 50, the University of Melbourne which comes in at an underwhelming #44.
ARWU ranks 6 of the 8 Ivy League schools in the world top 17.
The QS and THE rankings blatantly boost UK and Commonwealth institutions. I wouldn't go by them. If you want to use rankings, the ARWU ranking ( http://www.shanghairanking.com/SubjectCS2015.html ) is more country-neutral and appears more sane, at least for STEMmy subjects, from a research focus.