Lias: IANAL but from everything I can read, watching an foreign internet stream is not illegal in NZ. It's possible (probably even) that the person creating the stream is breaking the laws in their country, but that's pretty much irrelevant. The person in NZ watching the stream is not breaking any laws. If watching a stream that the copyright owner didn't want you to watch was in itself an illegal act, then all the members on GZ who use netflix, hulu, etc would equally be criminals.
You're comparing paid services to a service providing licensed material for free. People watching Netflix and Hulu might be bypassing geo "restrictions", but the service itself still requires a paid subscription. Not quite the same thing. The License owner isn't out of pocket.
Don't get me wrong here. If that option works for you, then that's cool. Not everyone is happy to use that type of "service" though and I do know people who will not use it and unless they can find someone with Sky then Bathurst and what is an annual social event is now basically ruined for them.
Personally I think it sucks that we're being forced to decide between dubious offerings or paid services for what should effectively and legally be available at no cost. This is my feeling for all major sporting events.