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On a recent Wednesday afternoon, an incredible gathering of three hundred seventy-four bagpipers came together in Melbourne's Federation Square to perform AC/DC's iconic anthem "It's a Long Way to the Top (If You Wanna Rock'n'Roll)", establishing a global milestone near the famous spot where the original lineup memorably played the tune from a moving truck fifty years earlier.

This track is the only big single that AC/DC has retired from concerts, out of respect for Scott's memory after his death in 1980. Yet its absence is hardly noticeable when the concert setlist are overflowing with fan favorites: an audible thrill swept through the 80,000 concertgoers at the Melbourne Cricket Ground as AC/DC opened with "If You Want Blood (You've Got It)" and immediately launched into "Back in Black". What other band would have the confidence to deliver such a massive hit so soon after starting? But AC/DC does, treating the crowd to what amounts to a two-hour best-of compilation.

The lead singer refers to Melbourne the band's 'spiritual home'.

It's time to discuss the obvious questions: indeed, the frontman is seventy-eight years of age and, admittedly, his vocal range doesn't hit the same high notes or sustain as long as in the eighties. He may not scream with the same intensity on songs such as "High Voltage" or "Highway to Hell", but he certainly tries his best with a smile on his face. The singer was compelled to exit AC/DC's global tour in 2016 due to severe hearing loss (Axl Rose filled in), but a solution was discovered and it's clear he's overjoyed to be back, cackling with glee between songs. (The band avoids stage banter, and no one minds.)

Similarly, the lead guitarist – still sporting his signature schoolboy shorts at seventy – is visibly less rapid on certain early tracks, such as the high-energy intro to "Thunderstruck". But it is still "Thunderstruck", and does it matter when a whole stadium is chanting so powerfully, with such delight, as a single entity?

With his striking white mane and slender limbs emerging from his outfit, Young appears as an elderly sage and oddly youthful; when he returns to the group at the conclusion of a song, he resembles a lost little boy running for his parents – until he begins a frenzied solo, his fingers flying almost too fast to see. He can even now duckwalk the entire span of a massive platform, wild-eyed and shaking violently as though he's been electrocuted.

'The rest of the band fades away as Young struts.'

He gradually sheds clothes during the set, even using his necktie like a violin bow to strum his instrument. By the finale, when his shirt is largely open, he's the main attraction of the entire event.

On "Let There Be Rock", Young embarks on a lengthy, unrestrained and hugely entertaining instrumental break that seems like a dare to those who doubted AC/DC weren't still up to it. The other members recede as Young parades, pausing only to revel in the applause before collapsing on the floor and writhing like a someone enchanted. "Where did that come from?" Johnson asks later; who could say?

The frontman and guitarist are the main stars, but they receive tight support from guitar player Angus's nephew, who officially came onboard in 2014 following his uncle Malcolm dementia diagnosis; as well as bassist Chris Chaney and percussionist Matt Laug, who plays with the determination of a man trying to trigger an earthquake. Your eardrums will be forever altered.

Although the concert series is named for the 17th album "Power Up", they perform just one song from it. Rather, the audience is given the finest selections: "Shoot to Thrill", "High Voltage", "Highway to Hell", "You Shook Me All Night Long", "Dirty Deeds Done Dirt Cheap", "TNT" and "Whole Lotta Rosie". There's even room for a unexpected addition with "Jailbreak", a song they haven't performed since 1991, which is welcomed with huge enthusiasm.

This represents AC/DC's first show in Australia in a decade, and Melbourne is their opening venue – naturally, it is the group's roots, as Johnson states, being "the home of Mr Scott". It's hard not to suspect that this may be the band's last world tour, and maybe even their final visit to the native land – but what a thrilling spectacle it is for those who secure entry. They rock and we applaud them.

• AC/DC are playing at the MCG on November 16, then Sydney's Accor Stadium on November 21 and 25, the Adelaide show on November 30, the Perth concerts on December 4 and 8, and the Brisbane dates on 14 and 18 December.