Yea problem with that comparison is different time, different capability, different attitudes and dare I say it different culture. Air force, military in general, was in its hay day back in the 70s, 80s, 90s with new equipment, clearer focus, large scale training, trips, ops etc with appropriate pay, benefits and opportunities relevant for the day. I actually look back to how much I started on paywise back then and laugh but then to me that wasn't the biggest draw for joining in the first place so wasn't an issue and in fact I was always joining the army from when I was a kid. Times have definately changed, opportunities are varied, priorities have shifted and interest in the military has definately waned, a sign of the times and not reflection on the service.
The loss of the ACF was a definite blow to air force recruiting, morale and outputs, something I feel it has never fully recovered from and now with the world situation (NZ is not unique in this regard) is actually a fulltimr uphill battle and has been going this way for more than a few years. You have to admit recruiting someone to fly a strike jet is a hell of a lot easier than recruiting for someone to sit in the back of a orion/P8 (I actually doubt most even know there is a team of specialists in the rear of a P8 making the magic happen) as everyone has seen top gun and by default assumes everyone in the air force has to be a pilot never mind the myriad of other trades that actually make the air force happen on a daily basis, I sure didn't and I came from a military background.
The same considerations, or limitations, can and are applied to the other services. We have already seen the navy almost grind to a halt and if anything has only gotten smaller over the years (we used to run 4 frigates with much larger crews only 2 decades ago) and once upon a time had grand visions of multi crewing ships to increase at sea time, now we can barely crew what little we have. Army was/is in the same boat (cough), we never actually bought too many LAVIIIs as a lot love to profess, we instead bought just enough to motorise both battalions (which would have only benefited the mooted army expansion now) but then when we couldn't crew them all anyway literally had to revert back to the old battle org (out of necessity rather than want) of essentially 1 squadron shared between them on an as required basis (ala the old M113s) so the idea, plan and will was there, just the people numbers required to implement, operate and maintain them were not. This on going problem applies to a few units within defence.
It's a sad account of the times, everyone wants to grow their militaries in these changing times but few actually can and not through lack of want, will or even funding (even the big players Aus, Canada, UK, US etc) they literally just can't despite all their best efforts.