BNZ summary note reads: "Obtaining an estimate of the long-run equilibrium (LRE) of the NZ dollar is important for thinking about currency exposures at a 3-5 year time horizon. Our new terms of trade adjusted PPP model indicates the LRE of the NZD is higher than conventional wisdom or simple PPP suggests. For NZD/USD, it is 0.7100. For the NZD/AUD it is a low-sounding 0.7700."
These estimates, according to BNZ, "support our forecasts for the NZD/USD to hold up, but suggest our NZD/AUD forecasts could be a bit strong."