I worked in AU around ten years ago. I don't remember salaries coming anywhere near the UK or US. I'd love to know if things are better now.
I wouldn't say the UK market particularly undervalues talent, in the city at least. Most of my peer group are on a day rate of 800-900 which (assuming you take 5 weeks of holidays) would translate to at least USD 248k gross. Chatting to our traders they are pretty jealous of our 9-5 hours, 2 hour lunch breaks and relaxed dress code.