They did have cruisers at one time, they used to go global before the left wing government came to power and severly slashed defense spending, so now they are just a light force for only local crisis.
Ironically enough it was a National (centre-right) Govt that slashed the defence budget - under the guise of a 'end of cold war' peace dividend! (1990 - 91 or thereabouts).
They basically told the NZDF overnight their budget was slashed 30% & gave no directive whatsoever as to how they were to cope or change what they do to suite. They were utterly & completely crapped on! National continued in power thoughout the 90's which saw the NZDF literally wither with no significant purchases or upgrades - until in their last couple of years they suddenly woke-up & to their credit signed up for the sweethaeart deal for 28 x F-16S, plus C-130 & P-3K upgrades, and a few other key equipment purchases.
Unfortunately while they signed up for these, the NZDF itself was by now showing definite signs of dysfunction, and was sufferring in-fighting between the 3 services. National continued to ignore the remuneration scales (still set at 1990 levels & barely above the minimum wage); dilapidated infrastructure etc etc & trumpeted their 'big-ticket' purchases (a.k.a. window dressing). In fact if they'd stayed in that state the NZDF wouldn't have been able to support or sustain new equipment as it arrived.
Labour gets in, reviews the state of the NZDF & gets stuck into turning the NZDF around - including tackling (but not necessarily solving) problems with remuneration; infrastructure etc - and re-equipping the NZDF. However yes their 'left leaning' has meant the NZDF have been deliberately 'dumbed down' to a peace-keeping force who still rely heavily on the ADF for support.
Labour have commited what is by NZ standards historically high amounts on defence - but yes it has been very 'focused' away from direct combat capapbility. Trouble is it is now clear that National by & large agree with what Labour is doing with defence & intends to take a very similar course.
we NZer's are generally quite apathetic when it comes to defence - or for that matter anything other than rugby!..