Similar thing has happened to Civil Engineers. In 2006 the government claimed there was going to be an engineering shortage. All the uni's expanded their engineering facilities and ended up pumping out more civil engineers than entry level graduate jobs. Prior to the 'civil engineering job shortage' the RTA had a cadetship for civil engineers. First year salary for a graduate engineer was $70k (which was very good money). Now it has dropped down to $30k (the minimum salary a fulltime engineer can earn in Australia) in just 5 years. Because the conditions are so bad for graduate engineers, some have been moving to Dubai, Abu Dhabi, Qatar and Singapore for better conditions.
On the way home from Brisbane the other day I was talking to a Mining Engineer who does the FIFO. Their conditions have been eroding too. A few years ago they would do a 1 week on, 1 week off roster. Now, because there is so many people wanting to work in the mines, they now employ miners to do 2 weeks on 1 week off for the same amount of pay as a miner who does 1 week on, 1 week off.
Some how we need to get rid of those desparate people who are willing to work for less.