Australia and New Zealand have a friendly rivalry mostly (but not wholly) born out of love and respect. The Aussies particularly admire the New Zealand accent. Perhaps admire isn’t the right word…
This spoof commercial made by Australians about New Zealanders plays on the odd way the latter says certain words. It’s sometimes hard to know quite what is being said.
Thus, an advert for Schaeffers Deck Sealant turns into a slightly naughty speech about how you should be taking care of your penis.
The Flight Of The Conchords played on this difference in speech patterns, and this just continues that trend. It’s a good job most New Zealanders have a good sense of humor.