The belt at the top is the old NZCC belt which was replaced by the one with the metal plate and badge beneath it.
Apparently the colours mean "Blood Before Death" (red and black), I was told this in the mid nineties by a Cadet who was wearing one, I was working at Ohakea Airforce Base and he was passing through.
With thanks to Spike
I am a Former Cadet, I was always told that it represented the Blood Spilt on the Land
