All bets are off regarding the next few years, and any previous strategies need to be re-examined. On the vaccine front, the news is extremely encouraging and it’s not unrealistic to expect borders to start opening up in the next 3 - 6 months.
There will be an initial surge of bookings because of pent up demand, after that the entire network and timetable needs a clean sheet of paper. Some routes will be unprofitable and some new routes will be considered.
Frequencies, and type of aircraft will need adjusting, the ME3 have been savaged by the pandemic and may not be able to offer cheaper airfares. Australian travellers may prefer to fly on their own airline rather than a foreign one when going overseas
CX have deferred the B777-X until at least 2025 and are introducing the A321 - NEO with a scaled back business class.
For the next few years air travel is likely to be more point to point using smaller more efficient aircraft with reduced size premium cabins. Safe regional destinations will be more popular than adventurous long haul ones.
The kangaroo route bounces back as the UK has always been a popular destination, and QF could benefit if pax prefer a less exotic destination flying an airline they trust, particularly if the fare is competitive.