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Treasury resists idea of funding another America's Cup challenge

Author
NZME. news,
Publish Date
Sat, 22 Nov 2014, 8:05AM
(Photo: NZ Herald)
(Photo: NZ Herald)

Treasury resists idea of funding another America's Cup challenge

Author
NZME. news,
Publish Date
Sat, 22 Nov 2014, 8:05AM

Taxpayer support for the America's Cup challenge is being labelled poor value for money.

An Official Information Act release to this morning's Weekend Herald shows Treasury officials are against putting in more public money.

The cost of backing Team New Zealand's last challenge was supported with $36 million from the public purse.

Treasury doesn't want to do that again.

It says while benefits including increased economic activity are claimed, these could and would still be achieved without the Government providing funds.

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