Is the party over for Gen Y?

The financial crisis hit Sally Mikkelsen's world just before Christmas. Two friends lost their jobs, and the chit-chat among her social circle started to stray into new and unwelcome territory.
Phrases such as "compulsory annual leave", "minimal pay rises" and "delayed promotion" gave these twentysomething children of the economic boom a different perspective on flexible workplaces and work/life balance.

"We've always been treated well by employers," says Mikkelsen, 24, a consultant at professional services firm KPMG in Melbourne. "We've been able to do what we want."
Now, she says, she and her friends are holding on to their jobs and waiting to see what happens.
"It's good to give us a dose of reality, for us to realise we can't have everything we want."