There's nothing to worry about, the man from the IMF said so.
Except, perhaps, if China falls over and hurts itself.
"... a hard landing in China, which would negatively affect Australia, would consequently reduce demand for New Zealand exports, worsen terms of trade, and could trigger a sudden decline in house prices," the IMF New Zealand report card says. "This could in turn weaken consumer demand and growth, and negatively affect banks' balance sheets," it went on before rounding off the sentiment in classic econocrat-style.
"The downside macroeconomic impact of such a scenario could be substantial."
Excluding the downside macroeconomic impact scenarios, the IMF report card makes for pretty dull reading. But as an account of the current state of affairs I guess it will do.