See this post for the RBNZ jacking up the rate path ahead:

A more hawkish RBNZ, not only suggesting later rate cuts but even a possibility of another hike.

NZD/USD has jumped, dragging AUD with it (not to the same extent) :

nzdusd 22 May 2024 2

ICYMI, earlier in the session there was news of New Zealand slashing its defence budget. Fiscal spending in NZ is being tightened, so that is something arguing against the need for higher rates.