Some anecdotal evidence of the challenges faced by DJ and why Toll may be concerned ....
I flew MEL-SYD yesterday afternoon. I chose DJ, their fares were around $250-$300 cheaper than QF during same period ($150-$200 vs $450 on QF) for that sector, one way flight. Same this afternoon, QF are either have full planes or charging full Y ($450) between 3:30pm and 8pm. By contrast DJ fares range between $149 and $245 (only one flight at this price).
To me QF seem to be continuing to extract significant premiums out of the corporate market that DJ can't. And Geoff Dixon is constantly telling everyone how tough it is at the moment ... if it's tough for QF, it must be a lot tougher for DJ who can't extract these sort of premiums. Therefore Toll may have valid concerns.