If I was an Australian looking at Term Deposit rates, I would be finding that 2.7% on offer in New Zealand quite attractive:

https://www.anz.com.au/personal/bank...fees-terms/#td

I have some Australian term deposits coming due this month, and those AUD sure won't be going back into bank TDs. They'll be going into an Australian government bond ETF, current yield +/-2.75%, maintaining the current asset class allocation and currency profile.

If I was a New Zealander and convinced that the NZD/USD rate was due to fall, I would be looking at a 0% foreign currency account - possibly in Australia to take advantage of the government deposit guarantee scheme. I note that Betashares are forecasting an AUD/USD rate of $0.62 later in the year, and the NZD has a strong tendency to follow the AUD.

As far as fees, charges and the like go, the New Zealand financial services industry may have become dramatically cheaper over the past 25 years, but it remains ridiculously expensive and overpoweringly entitled, and the options for investment outside New Zealand may be cripplingly limited, but those are, sadly, the rules of the game.