This is the current New Zealand flag:
And this is $20,000 worthy winner entry, called wā kāinga (in Maori, something like "homeland"):
The design is not bad per se, but has received some critics for not including New Zealander symbols like the silver fern or the Southern Cross. The red triangle represents the Maori heritage, while the blue triangle stands for the British heritage, The black color is a NZ symbol independent of ethnicity, so represents country's multiculturalism (I think it's just curious that black is the union of all colors). The white shape is derivative from the maihi, a Maori bargeboard, and unites the other three colors.
Additional symbolism includes the similarity with Union Jack and Tino rangatiratanga, and the black triangle, that relates to the many mountains on the islands.
What do you think about this design? Comments are welcome.
