In fact we haven't had a recession for a quarter of century now.
The media just loves to use the "R" word, though, so the next best thing is to create a bit of new terminology to satisfy the lust: recessionary capital expenditure, balance sheet recessions, income recessions, a "global freight recession" (whatever that means - haven't even worked out how this one is defined yet).
I wouldn't buy the narrative that this has been driven by an amazing NZ economy which has outshone ours in Australia, though.
In fact there is anaemic wages growth in the NZ economy and a dairy industry downturn which racked up a staggering $4.9 billion of cuts to income through 2014/15, with an incredible 85 per cent of NZ dairy farmers operating at a loss.
In truth, a few parts of the NZ economy are evidently active: for example, there has been an Auckland housing boom and a raft of associated construction.
Meanwhile the third largest city in NZ is also in the process of being rebuilt after a devastating earthquake in 2011, the seismic activity leading in turn to economic activity.
However, the surge in New Zealand migration has largely been fuelled by a relaxation of student visa rules, resulting in a huge surge in migration from India of +15,200 in the year to January, around three quarters of whom travelled on student visas.
We can expect to see similar trends unfolding in Australia over the next few years, with a huge ramp up in Asian international students already underway.
It seems likely that migration into NZ has partly been primed by increased mobility, with the relatively high cost of living in some Australian capital cities encouraging more Kiwi residents to return home.
Tide to turn
The equivalent figure is +2.2 per cent in Australia.
That's pretty much it.
Increased mobility has other impacts too, with the number of short term visitors heading to Australia from New Zealand soaring to record highs.
On this side of the ledger, total visitors from New Zealand to overseas locations zoomed to a record high 2.42 million in January 2016, with visitors to Australia up by +47,400 to 1.14 million.
As in New Zealand, international students form a key part of projected Australian population growth.
In fact, there are many similarities between the economies located either side of the Tasman: weak commodity prices, a residential property boom focussed in the main cities, a boom in international students from Asia, a generally soft labour market, weak wages growth, and Reserve Banks looking down the barrel of further rate cuts.
A few Kiwis leaking home won't make much difference to Australia's economy on the whole, with most settlers now hailing from Asia.
In any case, the trend looks set to roll over in 2016.