Having completed an Instrument Rating in New Zealand, Australia and the UK and having done the CPL flight test in both New Zealand and the UK I can tell you the myth that the NZ CPL/IR is somehow harder to obtain is bollocks. It certainly is different in areas and has some elements that are harder just as overseas licences have some elements that are harder. What I found when I went overseas was that the NZ CPL was not valued any higher than any other licence. International students come here because we are CHEAP, not because of the higher standards
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Cadetships will gain traction here for the very same reasons as they do in the United Kingdom. It allows the airlines to have a ready pool of 'talent' that has already passed the selection and recruitment requirements for the airline. The airlines are not doing it because there is a shortage of pilots, they are doing it because it gives them a gauranteed source of pilots that they have had training input into since day one. Air NZ and Qantas are no different to the other airlines, they will see some financial benefit to having cadets, you can rest assured Air NZ cadets will be bonded and will be paid a lower rate than a direct entry pilot. Air New Zealand can afford to have shorter bonding periods and better conditions because their cadets won't leave!!! You could bond them for 3 months and they would stay. Jetstar and Pac Blue don't have this luxury as if they only bonded for 3 months the cadets would all be out of there ASAP onto other airlines because these places aren't 'career' airlines. The only way they can be sure of getting their pound of flesh is to keep the cadets bonded for a longer period of time whereas Air NZ can be confident their cadets will spend their 40 year career at Air NZ.