I'm also thinking the rebound in demand is lower than expected, in fact I suspect a lot lower. I've been doing a lot of international searching out of Melbourne and every permutation I look at, for times out to Nov 2022 and I'm frankly surprised at the lack of decent, or any useful (award or routing) flights. Really, we should be damn near COVID normal for Japan, much of SE Asia, N America and EU by then.
My take is that lots of people are like us, super eager to go, but not when we're facing paying for up to 3, or more, COVID tests (could easily be $2500 for a family of of 5), having to fork out for an extra 'wasted' night or 2, stuck in a quarantine hotel waiting for the COVID test to come back, and the uncertainty that brings. Until mandatory multiple COVID tests required between effectively fully vaxed countries are no longer required, a very large percentage of tourist travelers and risk-averse business travelers simply aren't going to book. And I don't think the cost is the only issue with mandatory tests, it's the uncertainty you may get stuck.
I think this also means more sales and DSC promos though - I reckon late January or February for the next non-targeted DSC.