Option 1 is incorrect because it arranges the countries in ascending order instead of descending order of HDI value. Ireland has the lowest HDI value among the given countries, whereas Switzerland has the highest HDI value.

Option 2 is the correct arrangement as it correctly places Norway, which has the highest HDI value among the given countries, at the top. Switzerland, with the second-highest HDI value, is placed next. Australia, with the third-highest HDI value, is placed after Switzerland. Finally, Ireland, with the lowest HDI value, is placed at the last position.

Option 3 is incorrect because it does not place Switzerland, which has the second-highest HDI value, in the correct position.

Option 4 is incorrect because it does not place Norway, which has the highest HDI value, in the correct position.

Therefore, the correct answer is Option 2.