Agree about ticket prices. Don't see them coming down anytime soon given the factors you mention. However, if they do come down the fleet efficiencies don't kick in until FY26 realistically. Between now and let's say FY27/28 the EPS will be lowered by transition costs of the fleet change. There are the additional costs such as equipment, training of staff and the inevitable teething problems of introducing a new type of aircraft. Given those factors wouldn't you need a longer-term horizon?

Something to remember is Virgin got a free ticket to remove all unnecessary costs through the administration process. While Qantas was able to cut costs dramatically, as an example Qantas didn't get to hand the keys back like Virgin did on leases they didn't want any more (at least not without significant penalty).

Side note: Interested to know how they get such large improvements in utilisation between the types listed. All these aircraft fly at basically the same speed and the new aircraft are larger so would require longer time on the ground to unload/load. Unless this is to do with the longer range allowing new routes on the new type compared to the old but the B737 can already fly cross-continent now (might weight limited)... Maybe they plan to send the A321XLR to Bali overnight from more ports increasing utilisation.