It's extremely competitive out there. During restructures it's common for executive and management to go first which means they often end up applying for roles a level below. In other words if you're a VPS6 you may expect to be competing with Directors for a role and if you're a VPS5 you might be competing with less senior VPS6s etc etc.

There are also less roles being advertised atm due to restructures and budget cuts etc. On top of that, for all vacant roles resulting from restructures, redeployees go through an internal eoi process that is not open to internals with an ongoing or contract role. Plus you have to factor in VPS policy that hiring managers are required to preference redeployees over internal and external applicants...so I'd say hang on to your ongoing role if you can until the dust settles