I think weather is probably the best explanation for the sudden, dramatic change in egret numbers this year, especially since it seems to be affecting egrets throughout the territory (which wouldn't be the case for land use changes or disturbance). According to the Observatory website, we have so far received just 47% of the normal rainfall for this time of year.
I seem to remember reading somewhere that the timing and success of egret breeding (especially for Cattle Egret) was related to the onset of summer rain, so it may be that egrets will breed later than usual this year (when/if the rains finally arrive!)
For terns, I think the low numbers in the last 2 years may be related to heavy rain early in the breeding season, possibly causing lower survival of chicks. Although any suggestion of sustained decline should be taken seriously.