For those who are faced with only a credit rather than a refund... consider the potential for this hypothetical but entirely possible situation:
What happens even an international travel bubble does eventuate so you can travel abroad but your or just about every travel insurer decides that for any international travel that it "...will not provide any cover for claims directly or indirectly arising from, relating to or in any way connected with COVID-19?"
Then what is the use of a high value of credits with Air NZ when you it could be potentially practically unwise to travel without travel insurance because the world has changed? Do you think that Air NZ travel insurance offering won't have this disclaimer? Or that insurance that does cover a claim connected with COVID-19 is potentially unaffordable.... remember most travel cover has a death benefit and COVID 19 still has a relatively high mortality rate and/or the cost of hospitalisation (incl isolation and PPE requirements) other than on the reciprocal arrangements with Australia will be at the travellers cost?