Yes, JS for John Sharp. Following in the established tradition of Reginald Myles Ansett, RMA, Brett Godfrey, BZG and possibly others. I thought that CZA was named after one of Ansett's wives but not correct. From memory I think Catherine Zara but his two wives had very different names, according to Wikipedia.
It'll be interesting to see if any of the new QANTAS fleet is named after Alan Joyce.

Joyce Drive at Mascot as not named after him but Alderman Frank Joyce.