It really all boils down to how you present yourself to the interview panel. Once you've been selected for the interview, your qualifications start to take on less importance. The very fact that you've been through the process once will change how you present yourself the next time, and that could be the difference needed to push you through to the next step. And you'll never get that 2nd chance if you don't reapply.

PS...You'll need to consider how to make your profile look different, as in check more boxes, to be considered for a 2nd chance. The "what have you been doing in the meantime" question can factor in when selecting candidates to be invited for subsequent interviews.