There is clearly concern here for the governments of both countries.
Of course, National campaigned heavily on the foundation that it would stem the flow of people leaving for Australia as well as shore up this country's financial, employment and commercial sectors so that eventually they would align themselves to Australia's.
It hasn't quite gone that way and there is no clear bandage available to prevent the losses.
Australia is doing reasonably well ... in some places.
The mines of the west may be flourishing, but I know of two people whose forays into a new life in Queensland in the east lasted a matter of weeks. Both returned home, with one staying put and the other heading back later for Perth and the mines. But he is yet to get a mining spot and has a forklift driving job.
The concern of course is that a fair portion of those who depart will be committed and skilled people, although some may argue it opens the way for more jobs here. If that's the case we've really yet to see that.
There is also the factor of new migrants coming in. Professional people abound in the arrivals from the UK, South Africa, India and other landscapes.
So what would happen if Australia, doing reasonably soundly, were to suddenly get hammered by the tail of the recession which flicked around the world, knocking us badly?
There are about 400,000 Kiwis over there now. Where would we put them all if they decided to come back? This is all simplistic, of course, as there are far too many ingredients involved here. But when you take in the madness across much of the rest of the planet, this isn't a bad sort of spot to spread out the rug and have a picnic.