The only function that does not work in Australia, that I can think of, is automated download of transactions. This is because no Australian Financial Institution, as far as I am aware, supports the systems that provide the functionality. The banks that I am familiar with do provide the ability to download transactions in formats like QIF and CSV and these can be imported. The downloads provided by many investment houses are not really useful for much.
I used its major competitor, Reckon, for over a decade before switching and while I would like to see and have suggested improvements I find many things I like in Moneydance.
Before committing I'd suggest you download and try Moneydance out in trial mode.