The contract market in London is pretty dead right now. It seems to be very sensitive to recession, and whenever there's a downturn recruitment shuts down. That said, I had a call from an agent about a banking job which could be the best opportunity in the last few years if it comes off...
I don't know what's going to happen with the economy. My suspicion is that the UK is going to be down for the next few years, which would seem to be supported by predictions of interest rates remaining at 0.5% until 2017. There still needs to be a correction in house prices here, and that will bring about more pain.
Since you're an IT guy, you've probably seen this piece on the RBS at the Register. There's a telling comment that the only reason we're not seeing a financial crisis from the major failure of their systems is that we've already had it a few years back.
With Australia I get the impression that it's in the same place that the UK was in 2007. House prices have started falling, but no real problems have kicked in. One possibility is that they'll have a bit of a slow down, then things will pick up again. The feeling on property investing boards is pretty good at present, which might be an indicator. But then again, if something goes wrong, such as a withdrawal of foreign funding to the banks, then there could be a nasty housing market crash, and we've seen what they can do to places like Ireland and Spain.
I'm considering heading to Oz in the autumn, unless I find something decent here first, and maybe spend a stint down there on a contract. If things look good then I can always make a more permanent move down. If not, my possessions can cope with six months in a self-store facility.