Sully nailed it. In addition, young people nowadays have so many more options, don't want hardships, and don't get the stimulus of previous generations.
In the 70s and 80's, 10,000+ people would annually apply to the RAAF in the hope of being trained as a pilot.
By 2012 onwards, the number had fallen to around 700 and even below that annually.
The jobs just don't seem that attractive to young people, and the previous stimulus events like frequent RAAF airshows all around the country have dwindled. The airlines and ADF are really after the same people and there are fewer interested.
Shame.