Science has been and always will be an international effort, if you shut out foreign researchers you might as well close down science in Australia. It doesn't matter whether a foreign-born researcher gets an ARC DECRA grant as that money goes to an Australian university anyway, funds Australian students etc., it's not like a DECRA grant goes to your own bank account and you can only spend it on yourself.
I've seen the opposite to you, researchers coming from overseas because no-one else has their skills inside Australia, training Australian students here, and then staying on as PR. Scientists who leave Australia still keep on collaborating with Australian researchers and universities, it's not like they burn all bridges. I co-supervise with quite a few overseas-based researchers who left Australia for career opportunities, they're still adjunct here.
An ARC DECRA does go to your own bank account as it pays your salary.
Btw, as an Australian you can't apply for a NSF fellowship nor a European fellowship.
You can apply for European fellowships if you reside within Europe, same rule that goes for Europeans living in Australia. See for example the rules for DFG funding in Germany: http://www.dfg.de/en/research_funding/programmes/individual/...
>Eligibility:
> International researchers from all disciplines who have completed their scientific training (doctorate)
And from my understanding that is what replacement 457 will ensure.
"A DECRA Recipient may be awarded ARC funding of up to $139,369 per year of funding. The per annum salary contribution from the ARC is fixed at $99,369 (2016$), including 30 per cent on-costs, and up to a maximum of $40,000 project costs." - From ARC funding rules for DECRA.
So basically, close to $100K per annum goes to you (pre-tax) for 3 years and $30K to the university per annum. For project costs it depends on how you spend them.
I think most Australians would be aghast that 'foreign nationals' are taking the places of Australians on competitive fellowship grants like the ARC DECRA. Out of 200 fellowships 60 are given to foreign nationals, i.e., 30%.
Personally, I think it is a bad idea to give this type of grant to a foreign national as the researcher will most likely leave Australia once the fellowship is finished as they have little to keep them in the country (extended family, etc). I've seen it so many times...
http://www.arc.gov.au/selection-report-discovery-early-caree...