No, unfortunately you are correct, the 33% tax rate is for higher incomes (i think its above $33,000 but i may be out a bit) which is about the same as the UK. The normal income tax is 19% (UK is 20% with ?38,000 and below) and interest rates are high, no doubt about that!

Other things to consider is things like GST, the VAT equivalent. It is 12% in NZ and 17.5% in UK so tax on items purchased is less. Rates are also less than the UK.

So there you go, ups and downs really!