Far from being a careful steward with our money, Joyce is being exposed as a bit of a spendthrift
Taxpayers will pay $1.9 million to bankroll the next two New Zealand Open golf tournaments despite the predicted economic return falling well short of the requirement for such a large investment of public money.
The Major Events Development Fund investment requires a return of $4.50 for each dollar handed out. The 2012 and 2013 golf tournaments, which received taxpayer contributions totalling $1.15 million, returned $2.55 for each dollar received, documents obtained by the Herald under the Official Information Act show.
The projected returns for the 2015 and 2016 events are in a briefing for Minister of Economic Development Steven Joyce.
But the figures have been blacked out in the version given to the Herald. The report does state that the expected returns “are lower than those that would be expected at the requested level of investment”.
Mr Joyce said the projected return was “just one of the things that is taken into consideration”.
Tax payers shouldn’t be propping up rich people. Â What is it with the Government and sports like the America’s Cup and the NZ Golf Open? Â Both of these attract extremely wealthy players, syndicates, companies and individuals, yet they think nothing of coming to the tax payer money trough and helping themselves. Read more »