I know we've had a lot of debate on issues such as these lately, but as this affects my country personally, I felt inclined to post, and see what others think. Basically, the bill gives the GCSB, the Government Communications Security Bureau, the right to legally spy on NZers. This was previously illegal; and is one of the reasons why Kim Dotcom was unable to be extradited, due to the illegality of the surveillance used to collect data against him. Here's a link to a good article I think sums up the matter nicely.
Demystifying the GCSB bill: Spies and Lies | Stuff.co.nz
Oh and personally I'm against the bill, rights and all that, you know.