I can't help you much with NZ requirements, but I completed the Australian Direct Entry qualification a year ago so can give you some idea as to what was involved in that.
In Australia, the only people legally able to call themselves "midwives" are registered midwives, registered wtih AHPRA (the Australian Health Practitioner Regulation Agency). AHPRA is responsible for the registration of chiropractors, medical practitioners, nurses and midwives, psychologists, dentists, optometrists, osteopaths, pharmacists, physiotherapists and podiatrists.
There are two paths to becoming a registered midwife. Up until the last few years, one would complete a nursing qualification; once a Registered Nurse one would then complete a 12-18 month course to qualify as a Registered Midwife.
Several years ago a direct entry qualification was introduced: the "BMid" or Bachelor of Midwifery degree. This is a three year full time university degree. It involves clinical placements in hospitals and some universities also allow out-of-hospital placements (my university did not). The clinical placements included time in antenatal, postnatal, intrapartum and neonatal. We were required to "follow through" 30 women, act as the primary midwife at 40 normal births, attend 100 antenatal visits, 100 postnatal visits, and attend 20 complex births. The academic side of things included basic anatomy and physiology and other biosciences such as pathophysiology, microbiology, etc. We also spent a lot of time examing evidence for practice and the underpinnings of midwifery care.
I had previously completed unversity degrees (I was a school teacher before being bitten by the birth bug) and found the BMid to be an extremely strenuous degree requiring many hours of study as well as long hours on clinical placements. Like many of my fellow students, I put in extra hours at the hospital in order to fulfill requirements (it can be difficult to achieve the number of "normal" births we needed with intervention so routine!).
I have no idea what the CPM involves but I get the feeling a "drect entry midwife" in Australia is quite different to a "direct entry midwife" in the USA. The majority of direct entry midwives in Australia will never have seen out of hospital births or considered midwifery in an out of hospital context.