If we think economy is on its way already to recover from recession,
and we're not so worry about depressive downturn anymore,
why would young people who has years ahead of income growth
wants to pile their money in AS1M, ASB, ASW, etc.. or any kind of govt issued bonds/funds?

Do you want to lend your money the govt to continue to fund its those outlandish projects?
Usually, when there is insecurity, you would definitely seek these safe haven.

The general stock market has outperform the dividends given by any govt so far.
Even Warren Buffet doesn't want to buy US Treasury.

Any govt issue bonds/saham perhaps should be perhaps more attractive to people nearing their retirement age
or those already retired who wants a steady or better rate than the FD.

Definitely buy this for your mom or dad or grand parents.. but if you're young and have years ahead,
now, it is the time to take a hard look at the stock market before the big bull run which is most likely to happen soon.