Air NZ has announced it will cut another 5% of its flights, but experts warn it won't be the last airline to do so.

Air New Zealand said it was looking at cost-cutting and reviewing capital expenditure plans.

International routes will also be cut but the company is still working on which ones, CEO Nikhil Ravishankar says.

Air NZ has announced it will cut another 5% of its flights, but experts warn it won't be the last airline to do so.