Forget the romance. Rugby Australia and NZ Rugby are locked in a marriage of necessity

September 19, 2026 — 9:15am

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The romantic view of the recent rapprochement between Rugby Australia and New Zealand Rugby is that it reinforced old fraternal bonds that cannot be broken – a sign of the enduring respect and affection between the parties.

The cynical view is that their shared challenges have brought them back together: their huge financial issues and the presence of the NRL, a cashed-up and aggressive rival.

A confidential NZ Rugby document I obtained earlier this week painted the governing body’s issues in stark terms.

A forecast loss of $NZ27 million ($21.75 million) this year. A structural deficit of $NZ20 million a year, with no end in sight without change.

A projected loss of $NZ66 million in 2027-2031, despite a British and Irish Lions tour windfall in 2029.

Also, the document reveals: “The NRL now draws 28 million NZ viewing hours against Super Rugby’s 19 million and NPC’s [National Provincial Championship] 14 million.”

That last line means rugby competitions in New Zealand are still more watched than the........

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