How does a 20% gap matter? The highest mark will still go to the 1st ranked person, and the 2nd highest mark will go to the 2nd, and so on. I don't see how it matters...
No, this is completely incorrect. I implore you and anyone else who believes this to read the BOSTES information on moderation:
http://www.boardofstudies.nsw.edu.au/hsc-results/moderation.html
This is a common misconception.
Rank is completely unimportant unless you are first or last. At no stage does rank become a factor in the calculation of your moderated assessment mark.
The process of moderation works by adjusting the school mark of first to be equal to the highest exam mark. The converse for the student ranked last. Then the marks for all other ranks in between are adjusted based on the relative gaps between each student, not their rank. Being 1% away from first will yield a better adjusted mark than being 20% away from first.
The marks are adjusted not based on the individual exam marks, but the overall mean/average of the exam marks. When the moderation process is completed, the mean of the adjusted school marks are equal to the mean of the exam marks.
You can clearly see the exam marks were not just rearranged so first gets first, 2nd gets 2nd, 3rd gets 3rd etc.
In fact, the relationship is quadratic:
See how the gap between E and D is small, but the gap between D and C is large. This is for
both the school assessment and moderated assessment marks. The relative gap sizes are maintained when the marks are adjusted.
Again, they did not just assigned 2nd rank with the 2nd highest exam mark etc. Your marks are indeed important. Whether the assessment you sat is of HSC standards is another issue.