The Australian tech sector is not that large, an ill-conceived law like this one could potentially worsen the job prospects here, to the point that one may consider working overseas. I'm not saying that it's likely, but at the same time it's not impossible.

So, yes, I was thinking primarily about foreign companies; (by the way, your argument in relation to Australian companies, "Because the first is very illegal", is not bullet-proof, because there are many things in this world that are illegal, and yet they happen).

My home country allows dual citizenship but I don't think that it would be so easy as you say to withhold this crucial piece of information from an employer: given that about half of my CV is made of positions I've held in Australia, I believe it's not that unlikely that a prospective employer may ask about my citizenship status.

Anyway, I haven't taken any decision yet, I'm just basically taking my time. I agree with you about participating in the democratic process, when I evaluate pros and cons of becoming a citizen, that's the biggest pro in my mind. Being entitled to live in Australia, on the other hand, is not a big factor in this decision, because I already have a permanent visa that lets me do that.