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The Dominion Post picks up Taxpayers' Union criticism of Government funding the America's Cup


Taxpayers' Union criticise Government funding $36m towards the America's Cup
The Dominion Post - 28/03/2014

Government claims that last year's America's Cup campaign has paid for itself more than twice over have been criticised by the Taxpayers' Union.

Economic Development Minister Steven Joyce yesterday released an independent report into the "direct and indirect benefits" of entering the high-speed yachting regatta.

"From a $36m taxpayer investment, the evaluation shows an estimated positive impact of $87m to the New Zealand economy," Joyce said.

However, Taxpayers' Union executive director Jordan Williams said there was no reason to celebrate the funding of a sport for rich men.

"The analysis is based on the questionable assumption that private money would not have flowed into Team New Zealand without taxpayers coughing up," he said.

The report also says Team New Zealand contributed to 1220 new jobs.

"Of course politicians like Mr Joyce will claim to have created jobs by spending other people's money," Williams said.

"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," Williams said.

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