Austria needs better development in football, we only have around 10 good players with international level, i think Arnautovic is not the only serbian of those, also Dragovic and Junuzovic i think have serbian roots (but i'm not sure!), now we could get a swiss player Moritz Bauer, he had no chance in Switzerland national team but his grandfather is Austrian so he got austrian passport and now plays for us, good player.
The austrian league teams not really give chances to young players. We only have 2 teams which really get youth in the first team, one is Salzburg (but they have the money to sign the best young players, they don't really develope them self) and the second is Admira, they live of their Academy.
Other teams they prefer 28 year old players which are average, or okay, but no players you win anything with, and highly talented 17/18 year old players get no chances.
That is our problem. Many of the best talents they leave Austria with 15 years to go into academy in Germany, some also England.
But there, only the best really develope. The most, when thinking they have to go to top teams, are high level players in youth but they are in second team until 20, 21 years.... and then it is over. Then they never played senior level, they come back to Austria and are shit because they only played youth football, and never will be good players again. So many austrian players made FC Bayern Academy and some of them today play in 3rd or 4th austrian league.
I don't know much about Serbia i know Kolarov of course, Ivanovic and Nemanja Matic (his brother played at Sturm Graz, he was known as "Porno-Matic" in Austria because of his attractive playing style

).
That are big players in football, and of course also some more. We have many serbians in Austria and when talking about football they always say, once in your life you have to see a Derby Partizan against Crvena Zvezda
But like i said, really don't know much, only that qualification i saw because we are same group that they did well.
Generally in Austria and especially in Graz there is a long history with players from former Yugoslavia states and especially Serbia, we say these players have something special, they have temper and mentality that many austrians don't have. One former serbian national team player, Nemanja Rnic, plays still in Austria at Wolfsberger AC.