I would go for
SMU because:
- you have been offered a course that you're interested in
- going overseas will burn a big hole in your parents' pocket
- University of Melbourne is a good university, and definitely more established than
SMU, but it's not a university that employers will go "WOW" over.
- you can always do a Master's overseas later
- you would still have the opportunity to work overseas even with a local degree