You do realise that you can only work for a European employer if you have a JAA licence? An Australian CPL is worthless here, you would have to convert it to JAA, which includes doing all 14 JAA ATPL exams. When I investigated this route a couple of years ago I came to the conclusion that for the cost and effort involved it would be just as easy to do the whole lot in the UK in the first place.
However, a PPL and hour building in Australia would make sense, as flying costs are about half of UK costs.