If you have CPL + Theory passes you would be hired now as an FO.... just like a thousand CPL regional pilots were hired before Sept 1.
You only NEED an ATPL for command. When you do your type rating on the B1900 or 737 or ATR or some other multi-crew type you will be grandfathered MCC (or so CASA tells me, no i can't provide a reference today).
There are no "copilot endorsements" now so you do a TR in the LHS. You will do X hours in the RHS as copilot until you need an ATPL for command.
HR depts will always recruit the highest qualified most suitable people first but they're not so stupid that they won't change requirements as the available pool dries up.
Australian CAR217 orgs will get their **** together soon enough.
The foreign airlines however will not change, giving US candidates a strong lead over Aussies.
That's something that's gotta change.