Come on guys, please leave 1989 out of this. Yes, the Brits that went "south" have probably already come back. Yes, there are many Aussies over here right now converting their Aussie lic to a JAR one. Fortunately, Virgin Blue did take many potential "Brits" as they need 737 pilots too.
You can either get depressed about it or you can look at it like this. At least when the boom comes (and it will - just when?) there will be quite a few guys with enough time to get command leaving places for FO's. So, airline growth will not be hindered by a lack of experienced pilots. (This did happen)
If you aren't familiar with the Australian pilot's dispute that happened in 1989 then Dununda is the place to find the info. Be warned it is STILL a very emotive (and explosive) issue. There are many lessons to be learned from that dispute.