The first four live finals have averaged 1.094 million viewers, less than the opening six episodes and more than 300,000 fewer viewers than for the same period last year.
But The X Factor is not alone when it comes to viewers switching off.
There were signs in mid-June that audiences were tiring of "amateurs" warbling the same cover songs over and over again.
The Voice launched in May with 2.155 million viewers, which by mid-June dipped to 1.3 million.
A few weeks later, the series bottomed out when 1.247 million watched the preliminary final, which was also the smallest audience in three seasons.
The following week the crowning of Anja Nissen, at the tail end of a marathon 150-minute show, was watched by 1.578 million.
A far cry from the three million who tuned in to see Karise Eden win the first season of The Voice in 2012 and the 2.3 million people who saw Harrison Craig win in 2013.
It's a trend likely to concern TV3, which will begin broadcasting the second series of The X Factor New Zealand next year, after receiving $800,000 taxpayer funding through New Zealand on Air.
But if New Zealand audiences follow Australia's lead, there's good news ahead for TVNZ's new cooking show My Kitchen Rules, which premieres on Sunday night.
In Australia, cooking series MasterChef, which was being whipped in the ratings by The Voice, ended up with last laugh.
A week after The Voice ended, 1.703 million watched the MasterChef's winner announcement.
-AAP