I'm looking in Melbourne but the market down there seems like a mess right now.
Couple that with the falling Australian dollar and moving to the US and getting paid in USD doesn't sound so bad.
Personally, I don't like the start-up culture, and I happen to work at a place that does interesting things already, so I'm quite happy staying in Canberra.
Plus, the weather and traffic in Canberra is way better than Melbourne. (Longing for the weather to remain constant for more than 20 minutes...)
And you're right about the traffic - Canberra is very nice in that regard.
NYC's tech scene is bigger than all of Australia's scenes added up.
The Bay Area is bigger than all of Australia's scenes multiplied.
To answer your question, we still do interesting things :)
I can't really blame them, but it'd be nice if some of the brighter ones stayed around.