Despite the fears of an exodus of Wallabies after the RWC, I do not think the answer is to select those who have left. Certainly, things probably could be done better to retain the best of the best, but any move to select overseas based players will imo just exacerbate the outward flow.
And I am not convinced by the example of Matt Giteau that we have better players over in Europe or whereever. He was not an incumbent Wallaby when he left, and form in Europe seems to be questionable when we see a bevy of other second stringers here getting huge wraps over there.
ATM the only critical loss at the end of this year is Kepu. The incumbent Wallaby THP and clearly the best in Australia. Nic White is currently rated 2 or 3 by the Wallaby coach and probably quite rightly doesn't see himself getting much time with the Wallabies this year. Others who have announced their intentions to leave are pretty much at the end of their representative careers, like Horwill and AAC (Adam Ashley-Cooper).
It will be extremely disappointing if someone like Tevita Kuridrani is attracted away. Like Kepu, he is the incumbent and quite a way in front of the next contenders for the 13 spot. Same goes for Izzy Folau. These are the players that the ARU should be going all out to keep. I believe Folau is already on a top up from the ARU, but Kuridrani probably doesn't qualify yet under their set criterion of two years in the national side. This is where the ARU could make a change by offering top ups for one year after 1 year with the Wallabies with a scaled up contract if they stay and are selected beyond that year. Would be much better value than continuing to pay extra for players who might be declining after a number of years in the Wallabies or who seem to miss more games than they play due to ongoing injury concerns (see Cliff Palu for example). Earlier top ups might just hold on to those players who recently made the grade but are seen to be the valuable types of players who should be retained, and would probably act as an incentive for Kuridrani, Foley, Carter etc to stay.
Something needs to be done if we start losing players at the start of their careers, but selecting from overseas is not the answer imo.