Land Transport Act 1998, ss 22A, 36A
It’s a criminal offence:
to race your car on a road, or put on an unnecessary display of speed or acceleration, unless you’re driving within the speed limit and not breaking any other road rules, or
to make your car do a wheel-spin (“a sustained loss of traction”) without a reasonable excuse.
If you’re convicted, you can be jailed for up to three months or fined up to $4,500. You’ll also be automatically disqualified for at least six months.
If someone is injured or killed, the penalties are much heavier. You can be jailed for up to five years if someone is injured, or up to 10 years if someone is killed, or in either case you can be fined up to $20,000. You’ll also be automatically disqualified for at least one year.