The new system is based around recency and proficiency. If you are overseas and don't intend flying a VH tailed aircraft forget about it, however if you want to fly for an Australian operator then one must follow the process applicable to their situation.
In my case I have a few professional Australian licences and a type endorsement on a Part 121 aircraft, however since I am no longer flying commercially in effect I now really only have a PPL. Until such time that I go back and basically do another type rating and get current again in a large aircraft my ATPL remains dormant.
Currency and proficiency appear to be part of the motive behind the new regulations.