The diverging fortunes of the Australian and New Zealand economies are once again fuelling talk of parity between the two nations' currencies.
But traders don't expect it to happen overnight.
The kiwi dollar gained about 4 per cent against the Aussie in May as the Australian dollar was hit hard by weak iron ore prices and news that major commodities importer China had its sovereign credit rating cut.
The New Zealand dollar, meanwhile, pushed higher on a raft of positive data, including a 44-year high in the first quarter terms of trade, improving business confidence and news that Fonterra predicted a higher milk payout for 2018.
New Zealand's budget also painted a better picture as an improving fiscal position allowed for increased benefits and net debt reduction while in Australia a new levy was imposed on the banking system to help plug a budget hole.