This is certainly an interesting move by Air NZ. They say the academy will help meet the shortage of pilots, but I find that hard to believe. Air New Zealand Jet group is hardly screaming out for guys, and even if they were there is always an excess of suitably qualified pilots around NZd to employ. A pilot shortage is definitley not the reason why they have set this up. As someone said in a previous post, by bringing their own pilots through they will be able to have better control over them (terms and conditions of employment will be tightned no doubt). This certainly doesnt look good for guys trying to get into AirNZ from regionals and GA etc. Im sure requirements will become more stringent and specific. Aviation is heading down the road where airlines percieve management as being more important than manipulative skills. I guess this is somewhat justfied with the advancement in more automated aircraft such as the 777 and more specifically the 787. Requirements for employment are already leaning towards management qualifications and I think we will see more of this in the future.
Im still a believer though that you cant beat good experience, and thats where airlines will suffer by introducing cadet type systems like this.