Ok,
Flying in the UK/Europe. Once you get the job it's not bad at all. Although, winter's coming and we are only Cat 1 rated. Bugga!!
Yippee ice and snow....
Sponsorships/cadetships are extremely thin on the ground in the UK at the moment. So thin I think the answer is nil. Extremely competitive as well.
Visas. If you have a british or EU passport, life is good. If not, then life can be a tad tricky. If you have ancestral rights to the UK, then that is the only country you can live and work in. (Home Office recent ruling). This can restrict who will employ you. Eg Ryanair is an Irish company so you may find it difficult if not impossible to work for untill you are a British or Irish citizen. (Ironic I know). This doesn't stop you from working for easyJet (for example) however, they do prefer people that don't have any restrictions unless you have something they want. (eg jet experience!!). You can only be based in the UK.
If you are finding it hard to pay for an Australian licence then you'll find it nearly impossible to pay for a JAR licence. Get the Australian licence and start getting experience. Unless you do it all in the UK/Europe then they won't really want to know you unless you have turbine experience, in particular jet time.
Converting the licence to a JAR one is an absolute pain in the arse and frightfully expensive.
It is starting to move here at last but there's a lot of people still waiting to get a start or move up the ladder.