This was done to prevent folks in Australia taking the short cut to the Australian ATPL by getting the US ATP and then converting it back to an Australian one.
If you've got a full JAR ATPL and some time on a jet etc, then it won't be a problem. It may pay you to check with Virgin Blue but since many of the senior guys there were working in Europe they will be familiar with the JAA exams.
QF on the other hand, couldn't care less.