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

 


Team New Zealand funding

8 May 2003 Media Statement

Team New Zealand funding

America’s Cup Minister Trevor Mallard confirmed today there would be a reference to a possible trade and tourism investment by the government in Team New Zealand in next week’s budget.

“A final decision by Cabinet on any government contribution to Team New Zealand, to generate trade and tourism benefits for New Zealand off an America’s Cup challenge, would not be made unless certain conditions are met,” Trevor Mallard said.

“I have today received permission from Finance Minister Michael Cullen to release budget details relating to the possible investment.

“Next week’s budget will indicate the government is prepared to make a final investment of up to a maximum of $33.75 million, as marketing partner for the challenge.

“This is about creating jobs for New Zealanders. It’s about building on the trade and tourism opportunities created for this country from the America’s Cup and Team New Zealand over the last eight years.

“The three conditions for the investment are that Team New Zealand must, obviously, first decide it will mount a challenge in Europe.

“The final level of the government’s contribution will also depend on an assessment of the potential economic benefits that can be leveraged off the next Louis Vuitton and America’s Cup regattas in Europe.

“This will be based on the rights and privileges associated with a marketing investment in Team New Zealand.

“And finally, any further investment would also depend on Team New Zealand’s ability to raise substantial funding from the private sector.

“In this respect, the government would not be the first on board.

“The basis of any further investment would be a government contribution of $1 for every $2 raised by Team New Zealand from sponsors up to the maximum level of close to $34 million.”

“Cabinet has already appropriated $5.6 million to ensure Team New Zealand can retain key members. Conditions were attached to this investment in terms of marketing opportunities which I cannot reveal because of commercial sensitivity while Team New Zealand continues its negotiations with private sponsors.

“The 1999/2000 challenge is estimated to have brought an additional $640 million to New Zealand in jobs and economic growth, so taxpayers’ previous investments in Team New Zealand have certainly been worthwhile. We will receive an economic impact study on the economic spin-offs from the 2002/03 defence later this year, but it is expected that the extra jobs and economic returns will be even higher than those generated by the earlier regattas.

“If and when the Government receives a final proposal from Team New Zealand, Tourism New Zealand and Trade New Zealand will then undertake an analysis of the potential trade and tourism benefits for New Zealand. The Government will then make its final decision on any contribution to Team New Zealand,” Trevor Mallard said.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Also, Loan Interest: Productivity Commission On Tertiary Education

Key recommendations include better quality control; making it easier for students to transfer between courses; abolishing University Entrance; enabling tertiary institutions to own and control their assets; making it easier for new providers to enter the system; and facilitating more and faster innovation by tertiary education providers... More>>

ALSO:

Higher Payments: Wellington Regional Council Becomes A Living Wage Employer

Councillor Sue Kedgley said she was delighted that the Wellington Regional Council unanimously adopted her motion to become a Living Wage employer, making it the first regional council in New Zealand to do so. More>>

ALSO:

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news