no it doesn't - the code:
<? if ($test != "AM" || $test != "NZ") { }?>
is a conditional, and would execute only if $test did not equal either 'AM' or 'NZ'.
If you just want to swam AM for NZ:
if ($test=='AM') {
$test='NZ'; //the swap
echo $test; //prints the value 'NZ' to the screen
}