DC323, someone far better qualified to answer than me may come along but I don't think you have to sit the Australian ATPL exams if you have a recognised foreign ATPL. I think it may only involve sitting an air law exam but I stand to be corrected.
The lurk that Bunglerat alluded to was the circumventing of sitting the exams in Australia by doing the FAA "weekend" ATPL exam and then flight test. Rightly or wrongly it was regarded by some in Australia as a lesser form of ATPL and should not be considered.
With a CAAC ATPL and flight time on a 737 NG I should think you would be seriously considered.