remember tho as of later this year when they formally merge with jetstar there WILL be opportunites to jump to the qantas section of jetstar
Really I don't think so. You might need to be an Australian resident to get onto that gig unless you are talking about jetstar asia and I can't see that happening.
There's not a hope in hell that EU passports would be allowed Australian 457 visas to work in Aussie and the unions would have none of it.
Treat it for what it is. A place to get some time before you come back to the EU. I don't really think you could make a career of it and I wouldn't be surprised if there is a law only allowing nationals to upgrade much like there is in India.