Yes, that is what this government is doing, with very tight purse strings. Since this government doesn't wish to commit to warfare operations more than 6 months at a time, in their mind their is no need for a third frigate, much less increase the size of its armed forces. They were able to eliminate the most expensive item on the list for new equipment, the air combat force, because they saw no need for it. Using these savings they were able to buy new the APCs and LOVs for the army, and the new patrol ships for the navy. They were able to extend the lives of the P-3s and C-130s, and replace the Boeing 727s with used 757s on the cheap. However, the new helicopter program is going to cost, and they can't avoid it, especially after their East Timor study.
This study called for a larger 10 ton helicopter to replace the Hueys, and the NH90 is the smallest largest helicopter available which meets the 10 ton requirement. Since they chose a medium role Eurocopter for the main troop carrying role, its more than likely will stay in house and choose a Eurocopter helicopter for the light role. The newest light Eurocopter design sold in numbers worldwide is the EC-135. There are a number of light helicopters to choose from, most in the same price range, so it really doesn't matter much which helicopter is chosen. If it hadn't been for their own study, this government may have chosen a smaller lighter helicopter for the main troop carrying role, such as the EC-145.
I think the price for the NH90 has alarmed this government, its been one year since the bids were due. Both the medium and light types of helicopters are needed by the defence forces, I can't imagine this government not buying both types. But I wouldn't be surprised if the number of helicopters ordered isn't enough to meet the armed forces requirements. There may be an option to order more later. However, keep this in mind, when was the last time New Zealand ever used an option? I am of the opinion if the money isn't there for the NH90s now, it won't be there in the future either.
The only really expensive item left on the LTDP is the ESSM upgrade for the Anzacs. Since this government opposed their purchase in the first place, one wonders whether they will continue to spend more on them. I have a feeling they will have no choice, as the US Navy will soon stop supporting the sea sparrows whose shelf life will expire.