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America's Cup funding - value for money?

NBR logoAs Joyce releases boosterish reports about America's Cup payoff, Taxpayers' Union complains about funding "rich man's sport" The National Business Review - 27/03/2014
The right-wing Taxpayers' Union is unimpressed by reports released by Economic Development Minister Steven Joyce this afternoon, which show "NZ Inc" gained "leverage" from the America's Cup.
The reports say the $36 million chipped in by taxpayers had an estimated positive impact of $87 million amid media coverage, and NZTE showcases helping NZ companies to sign new deals.
“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," says Taxpayers' Union executive director Jordan Williams.
“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," Williams says.
... Read more.

Taxpayers' Union
Taxpayers' Union