Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

America's Cup Economic Impact Felt Throughout NZ

A report into the economic impact of the 1999-2000 America's Cup Regatta shows that such large-scale events have a spin-off which benefits the whole country, Prime Minister Helen Clark and Minister for the America's Cup Trevor Mallard said today.

Doug Fairgray's report, commissioned by the Office of Tourism and Sport and launched this morning, suggests that the America's Cup regatta generated $640 million of economic activity in New Zealand.

The impact for the Auckland region made up $473 million of the total value added.

"The Report provides a rigorous analysis of the amount and distribution of value added and employment associated with the additional spending generated by the America's Cup regatta," Trevor Mallard said.

"It is a very valuable resource document which helps the Government, the business community, sponsors and suppliers to assess and measure the economic impacts from such a huge international event.

"The government is now working with Team New Zealand to ensure that the next America's Cup regatta is successful, with economic benefits for the whole country."

"The national pride which winning this year's challenge created was evident following the historic win. Doug Fairgray's report illustrates the massive economic spin-offs," said Helen Clark.

"While Auckland gained enormously, it's good to know that the flow-on effects benefited the country as a whole."


Attached: Summary of the report. The full report is available from midday, Thursday 26 October, at www.otsp.govt.nz

TOPLINE RESULTS

Summary of Conclusions

1. The America's Cup Regatta was an important economic event for the Auckland Region and for New Zealand.

2. It generated $640 million of value added in the New Zealand economy.

3. It generated $473 million of value added in the economy of the Auckland region.

4. The Report measures "net" economic activity and does not include expenditure that would have taken place even without the Regatta.

5. The Report is based on 10,600 interviews with international and domestic visitors, 360 business surveys and 70 in-depth interviews with - key informants to help estimate the magnitude and distribution of expenditure for the duration of the event.

6. The Report identified the net additional expenditure in the economy. A share of this is additional direct value added. The study measured the direct value added, and also the flow on effects of this through the economy, to identify total value added – a measure broadly equivalent to GDP. From this, it was possible to identify the total value added generated from the spend by each sector. Major impacts arose from spending by
* Syndicates ($149.2 million)
* Regatta organisers and sponsors activity ($44.3 million)
* Infrastructure & Government ($130.9 million)
* Superyachts ($118 million)
* Media ($12.8 million)
* International Visitors ($164 million)
* Spending by businesses ($20.2 million)

7. The report also identified where the spending was directed, to show the value added impacts generated from the extra activity in each sector of the economy. Major impacts arose from the extra activity:

* Marine sector $126.7 million
* Transport $79.6 million
* Construction $91.7 million
* Accommodation $64.2 million
* Restaurant & hospitality $51.3 million
* Retail $56.8 million
* Entertainment & leisure $33.2 million
* Media & Communications $23.6 million
* Government $34.4 million
* Business & Households $29.9 million
* Other $48.1 million

8. The additional activity sustained 10,620 full time equivalent years of employment in New Zealand.

9. It sustained 8,070 full time equivalent years of employment in Auckland.

10. In addition to a total economic impact of $640 million nationally and $473 million regionally, the Regatta was the catalyst for a number of benefits to Auckland and New Zealand including:
* advertising equivalent" global media exposure
* long term credibility and publicity for the marine sector
* international visitor awareness
* focussing private sector construction investment in the Viaduct Basin area, helping open up the waterfront and supporting regional growth policies of consolidation


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Another Reason To Loathe HR Departments (And On The Teachers Strike)

This morning’s news item about Police emergency call centre staff turning up for work while they’re sick – because they’re afraid their sick leave statistics will be used against them, and their jobs put in jeopardy – is not an isolated case...

Obviously, sick people shouldn’t be being treated by doctors and nurses who are themselves sick and potentially infectious. Similarly, Police emergency calls also need to be fielded by people who’re feeling alert, and on top of their game. More>>

 
 

MPs' Computers To Be Searched: Inquiry Into Leak On Simon Bridges' Expenses

An inquiry has been launched to find out who leaked the National Party's expenses to the media... Parliament's speaker, Trevor Mallard, said a Queen's Counsel would lead the inquiry with the help of an employment lawyer and also someone with forensic IT skills. More>>

ALSO:

Teachers Strike: Nationwide Rallies And Marches

Teachers and principals voted for a full day strike to be held on 15 August to send a strong message to the Government that the current collective agreement offers from the Ministry of Education would not fix the crisis in teaching. More>>

ALSO:

Wellington.Scoop: City Council Ends Its Support For Jackson’s Movie Museum

The Wellington City Council and the Movie Museum Limited have today announced a mutually-agreed parting of the ways for a joint project between the Council’s Convention Centre and TMML’s Movie Museum... Both parties remain optimistic for the future of their respective projects. More>>

Pay Equity: Historic Settlement For Education Support Workers

The New Zealand Educational Institute (NZEI) and the Ministry of Education today signed Terms of Settlement to address a pay equity claim for 329 support workers who work with very young children in early childhood and primary schools. More>>

ALSO:

Gordon Campbell: On The Stereotypes About Jacinda Ardern

Routinely, female politicians get depicted as either show ponies or battle axes, with little room for anything else in between. .. More>>

Weekend Interviews: "Discriminatory And Racist" Aussie Deportations

The former president of Australia’s Human Rights Commission Gillian Triggs says deportations have risen dramatically in Australia since 2014 when ministers and ministerial delegates were given the power to cancel visas - and half of those being deported are New Zealanders. "These are massive numbers, actually escalating dramatically."... More>>

ALSO:

Legal Challenge: Prisoner Has 9 Boxes Of Documents Seized

Human rights organisation People Against Prisons Aotearoa says a prisoner they advocate for has had 9 boxes of legal documents seized from him just days before his case against the Department of Corrections was to be heard. More>>

Single-Use Plastic Bags: Govt To Phase Them Out

Single-use plastic shopping bags will be phased out over the next year, Prime Minister Jacinda Ardern and Associate Environment Minister Eugenie Sage announced today. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages