It will be interesting to see whether Qantas remains a 'preferred employer'. It wont surprise me to see the better applicants go to Jetstar where they will have a command after 3 to 5 years (on good money) as against still being a second officer in Qantas.
Gen Y care less about long term. It's about what's happening now. Status is less important and a job for life is no longer considered either desirable or achievable. I think you are going to see the cream going to Jetstar/Tiger....