The new flag represents a modern and independent New Zealand with growth and progress. All residents of New Zealand should be able to identify with the new flag. The main elements are the "Southern Cross" and the "Silver Fern". The design is simple, clear and timeless chosen.
The meaning of the colors:
Green: represents the beauty and uniqueness of the Green Island
Blue: symbolizes the sea
White: represents peace and freedom, Aoteareoa: Land of the Long White Cloud
Yellow: represents harmony and courage
All in all, a very nice timeless flag which reflects important values of the New Zealanders.
PS: credit for Fern goes to Kyle Lockwood