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

Open Source // Open Society - Full Coverage

War: What’s To Commemorate?

Gordon Campbell in Werewolf: It is easy to know what we don’t want to commemorate on Anzac Day this year...

In fact, is there anything that can be validly commemorated on this 100th anniversary of Gallipoli?

Beyond, that is, a fleeting sense of empathy with the thousands of soldiers killed or wounded on April 25 1915 and in the months thereafter, until the whole thing was finally called off in December 1915.

(Most of the New Zealand survivors were transferred to the trenches in France, and eventually to the battle of the Somme in 1916.) More>>

 

PARLIAMENT TODAY:

Peter Ellis Case: Minister Declines Request For Commission Of Inquiry

Justice Minister Amy Adams has declined a request from supporters of Peter Ellis for a Commission of Inquiry on the basis that an inquiry cannot be used to determine the liability of any person. More>>

Quakes: New Process For Red Zone Crown Offers

Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

ALSO:

Gordon Campbell: On The Battle Obama Is Waging Over The TPP

For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

ALSO:

Greens: Govt Breaks Free Doctors Visit Promise To Kids

Documents obtained by the Green Party show that the Government decided to fund only 90 percent of doctors’ visits for children suffering from an injury in an attempt trim the cost of the so-called “free” visits. More>>

ALSO:

Other Wars: Extension Of NZDF Commitment In Afghanistan

The New Zealand Defence Force’s commitment of mentors and support staff to the Afghan National Army Officer Academy in Afghanistan has been extended out to December 2016, Defence Minister Gerry Brownlee says. More>>

PM's Press Conference: Auckland Property Prices Increasing "Too Rapidly"

John Key accepted that Auckland property prices 'are going up too rapidly” in a press conference held today in Wellington, however he said that this is not anything new. More>>

ALSO:

Press Conference: ANZAC PMs Concerned About ISIL Bringing The War Home

Prime Minister Key and Prime Minister Abbott spoke of the bond formed between Australia and New Zealand in the “baptism of fire” of Gallipoli. Abbott stated that New Zealand and Australia’s values and interests are linked, and this is reflected in the joint operation in Iraq which will begin shortly. More>>

ALSO:

GCSB's China Shopping: Key Damages China Relationship

Evidence that the Key Government recklessly approved a GCSB spying operation to intercept Chinese diplomatic communications between offices in Auckland will pointlessly damage our relationship with China, the Green Party said today. More>>

ALSO:

Gordon Campbell: On The Reserve Bank And Auckland Housing

The ‘crisis – what crisis?’ response by the government to the Auckland housing price bubble is no longer acceptable. So says Reserve Bank governor Grant Spencer... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news