Just got *Gold with OZ on Friday so don't have the card yet. Today, flying out of Heathrow, I printed out the OZ elite rules and status thresholds, and printed out a copy of my account balance to cross check it. Was permitted to enter the Star Alliance Lounge. Boarding pass had my FTL status on it, as was crediting to that. So it can work. (left shortly afterwards as it was horrid compared to the Great British Lounge).

Don't fancy my chances in Shanghai though, doing the same!