Lot of graves for twice the death rate of the flu. We have a yearly vaccine for the flu, though not perfect saves a lot of lives.
Also if someone needs hospitalization that is bad as well. Lot more going to hospital from this then the flu.
Out of a current 96 known active cases in NZ, 5 are in hospital.
I'm guessing you'll say there's another couple of thousand cases not tracked?
Hospitalization rate of this outbreak seems a lot higher than last time. I don't have enough info to form a conclusion, but I have heard demographics (age / ethnicity) speculated.
Of course the death rate is only one factor when comparing to influenza. The main other factor is how contagious it is (R0 value). A minor other factor is how much damage the virus does to those who live through it.
When we did the initial lock-down the main concern was about the virus's ability to overload our hospital system, leading to fatalities from other stuff as well. The ability of Covid-19 to consume a large amount of hospital resources seems well in excess of influenza. (that said we do have hospitals overflowing in bad flu years).