If you have the legal right to work in Australia, there are still enough General Aviation jobs in light aircraft for you to find work, if you are persistent enough – where as in Europe I believe G.A is almost non-existent?
However having built up some hours in Australia, the opportunities to advance into a jet or airline are rather limited in comparison to Europe. For that reason I am now considering doing the JAA ATPL.
If brief, Australia offers good opportunities for inexperience pilots – but limited opportunities after that.
Europe offers good opportunities for experienced pilots, but limited opportunities for anyone to built hours - unless they can afford a type rating and then have some luck.
If you can build some command hours in Australia, then return to Europe, that would be ideal.
See thread:
http://www.pprune.org/forums/showthread.php?t=208650