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

 


Govt provides $5m interim investment to Team NZ

Hon Steven Joyce
Minister for Economic Development

21 October 2013 Media Statement
Govt provides $5m interim investment to Team NZ
The Government is making an interim investment into Team New Zealand to retain key team members while a decision is made on a challenge for the 35th America’s Cup, Economic Development Minister Steven Joyce announced today.

Cabinet today agreed to provide $5 million in bridging funding to Team New Zealand to ensure key team members including designers, sailors, support crew and administration staff are secured until May 2014, by which time Team New Zealand plans to finalise a decision on its involvement in the next regatta.

The previous government made an interim investment on a similar basis, although for a larger amount of $10 million, after the 2007 America’s Cup regatta.

“The 2013 America’s Cup was a great demonstration of the talent and innovation that New Zealand holds within its marine and technology sectors. It also provided a very high profile for New Zealand expertise and innovation in the world’s largest economy. We are keen to retain the knowledge and skills of the team for a further challenge, should that prove feasible,” Mr Joyce says.

“There is no doubt the 2013 America’s Cup in San Francisco was hugely beneficial to New Zealand businesses, including our food and wine, ICT, tourism and marine industries who all leveraged successfully off the event. A thorough evaluation of the benefits to the New Zealand economy of the Government’s $36 million investment in the 2013 America’s Cup is under way and is expected in March 2014.

“Team New Zealand has now commenced planning for the next challenge. However it will not be possible for them to finalise their involvement until such time as they know key elements of the regatta, including where and when it will be held.

“The Government will assess its further involvement based on a strong business case from the team, and the benefits our involvement would bring for New Zealand exporters and our New Zealand brand.

The details of the next event and the economic evaluation of the 2013 event will be important considerations. This $5 million interim funding would form part of any final sponsorship arrangement, just as the $10 million initial funding did in 2007.”

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Arming Police: Frontline Police To Routinely Carry Tasers

"In making the decision, the Police executive has considered almost five years worth of 'use of force' data… It consistently shows that the Taser is one of the least injury-causing tactical options available when compared with other options, with a subject injury rate of just over one per cent for all deployments." More>>

ALSO:

Gordon Campbell: On D-Day For Dairy At The TPP

While New Zealand may feel flattered at being called “the Saudi Arabia of milk” it would be more accurate to regard us as the suicide bombers of free trade. More>>

ALSO:

Leaked Letter: Severe Restrictions on State Owned Enterprises

Even an SOE that exists to fulfil a public function neglected by the market or which is a natural monopoly would nevertheless be forced to act "on the basis of commercial considerations" and would be prohibited from discriminating in favour of local businesses in purchases and sales. Foreign companies would be given standing to sue SOEs in domestic courts for perceived departures from the strictures of the TPP... More>>

ALSO:

"Gutted" Safety Bill: Time To Listen To Workplace Victims’ Families

Labour has listened to the families of whose loved ones have been killed at work and calls on other political parties to back its proposals to make workplaces safer and prevent unnecessary deaths on the job. More>>

ALSO:

Regulators: Govt To ‘Crowd-Source’ Regulatory Advice

A wide-ranging set of reforms is to be implemented to shake up the way New Zealand government agencies develop, write and implement regulations. More>>

ALSO:

Board Appointments: Some Minister Appoint Less The 3 In 10 Women

“It’s 2015 not 1915: Ministers who appoint less than 3 in 10 women to their boards must do better, they have no excuse but to do better,” said Dr Blue. More>>

Gordon Campbell: On The 1990s Retro Proposals For Our Health System

As we learned yesterday, the reviews propose that the democratically elected representation on DHBs should be reduced, such that community wishes will be able to be over-ridden by political appointees. In today’s revelations, the reviews also propose a return to the destructive competitive health model of the 1990s. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news