I got blacklisted last year. I’m still here, and still legal.
I think the practical issues of how you get out of your contract and still get paid, and how you transfer your ARC or change your status, are of more immediate relevance.
If you leave your job because you feel like a change, or some other inadequate reason, then they will feel that they have a right to get pissy with you. If you’re leaving because your working conditions are not what you thought you were agreeing to when you signed the contract then you might find it easier to ‘negotiate’ your way out.
I had to use the threat of a complaint to MoFA to leverage an ‘amicable resolution’ to a dispute six months ago. We eventually both signed an agreement that I wouldn’t make my grievances public and they wouldn’t do anything to prevent me from getting another job.