It was disappointment for Hodge, who was looking to win his second title in Australia after he claimed the Australian Junior Boys crown in 2012 for his breakthrough international win.
The left-hander had also impressed on his senior debut for New Zealand when he finished as the leading Kiwi in the Ten Nations Cup in South Africa in 2013 as his team finished runner-up by one shot.
Both Munn and Hodge were part of the Manawatu-Wanganui team who won the Toro Men's NZ Interprovincial title for the first time in 49 years in December.
During the Australian Master tournament, elite amateurs from 10 countries were also taking part in a World Cup format.
Australia's Taylor MacDonald and Lucas Herbert won that competition by seven shots from the United States, England and New Zealand.