@dominick - welcome back! hehe..
1) Regarding your skills, can you specify kung anung engineering degree mo? or you may check online job sites (seek.com) and see kung may mga relevant job openings ba for your qualification..
2)Is it possible to stay unemployed for >5 months in AU? - the answer depends on your situation, kung may kamag-anak ka na matitirhan at susuporta, pwdeng pwede, kung wala, of course kailangan mo ng pera.. some or most will accept odd jobs just to support their daily expenses..
3)There are several pathways to PR (if your holding a 476 visa), either sponsor ka ng company, apply independently or with state/relative sponsorship, provided you satisfy the skillselect pass points and/or other criteria if required..
so kung sa tingin mo hindi ka pa ready, might as well check ung option na direct PR visa..
wait for few more months/years to get more work experience, pag okay na ang points mo for skillselect.. pwede kana apply for skilled migrant PR visa..
ang disadvantage lang, hindi natin alam kung kelan at anu ang magiging change ng migration laws nila every year..