That was my point to lee_appromise, and the majors in the US even point this out on their online recruitment page. I also doubt very much airlines in Australia would consider it. It's pretty much black and white in the logging of flight time here, that there can only be one PIC and not the 'Claytons' PIC you have in the US.
VH DSJ, your point taken and this is what I wrote above.
Of course, everyone in the states knows that. FAA logbook does not have ICUS column. Hence SIC performing PF logs hours under PIC column. No idiot will claim this type of PIC hour as Part 121 PIC hours requirement. It is just for the purpose of meeting Part 61 requirement. But then again, one needs 1500 hours for 121 ops so nobody bothers with this kind of question.
I just wanted to ask if 500 PIC can be substituted with 500 ICUS as PF. I didn't claim that it was PIC.
I rest my case.