I think the picture is a little more complicated than one simple debt ratio. Comparing Australia to New Zealand on that level....apples and oranges. Household debt is on a global comparison very high, but then there is the capacity to pay. I'm no economist but I don't think a national economy can be compared on one metric.
It is apples to apples - as your originating retort concerned an historical comparison of debt. GDP to Debt ratios are a fundamental indicator of a nations economic health. You made a comment inferring debt was now a major issue in NZ compared to 100 years ago. My comments concerned that. Not an overarching comparison of economies.
Household debt (home mortgage based) which is relatively high in both countries, but what is especially problematic for the Australian economy is negative equity on household debt is now at 10%.
Australia isn't perfect but on observational metrics it must be doing very well. So in honour of our Kiwi membership, let's stand, raise a toast and sing the Kiwi national anthem: "We still call Australia home"
Very droll. The key takeway is that both Australia and New Zealand are doing well in comparison to other OECD nations, especially compared to the EU. Both have their strengths and weaknesses, and both of these rise and fall at particular times due to political fortunes.
Dragging this all back to the RNZAF - New Zealand's comparatively low GDP to Debt ratio means that there is considerable headroom for a New Zealand government to borrow to reinvest into Defence Capability.