I think it is still closer to Low A than High A. Adelaide is probably the best team in the league since they are getting so many Phillies prospects, but the other teams do not have as much. And the pitching is probably mostly Aussie native pitching which is likely not that good. Venezuela has taken a hit too. They are probably more like High A these days than AA.
As we saw with the Arizona League, if top pitching prospects are rarely allowed to play and there is no incentive for veteran pitchers to risk injury for 10-15 extra innings, the quality of play suffers in an unbalanced way (still good hitters but no pitching to challenge them).