MEDIA RELEASE

Taxpayers Funding Rich Man’s Sport No Reason to Celebrate

27 MARCH 2014
FOR IMMEDIATE RELEASE

Responding to Steven Joyce’s release of material this afternoon which apparently justifies the $36 million taxpayer money that was directed into the 34th America’s Cup Regatta, Jordan Williams, Executive Director of theTaxpayers’ Union says:

“Like Team New Zealand, the Minister gets eight-ninths of the way there. The analysis is based on the questionable assumption that private money would not have flowed into Team New Zealand without taxpayers coughing up. In addition, it says that without the money going to fund Team New Zealand, none of the other syndicates would not have spent any time training in Auckland.”

“Of course politicians like Mr Joyce will claim to have ‘created jobs’ by spending other people’s money. The jobs and economic activity lost, due to the tax taken from the economy in the first place, is ignored."

"Even a sport full of the richest men in the world doesn’t turn down government money," concludes Mr Williams.

ENDS

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