21 Aug 2008

America's Cup raked in money

6:16 pm on 21 August 2008

An independent report has found the economy was boosted by around $2 for every dollar of public funding of Emirates Team New Zealand in the America's Cup.

In 2003 the Government invested $33 million in last year's Cup campaign.

The Associate Minister of Finance Trevor Mallard says up to 900 more full-time jobs were also created over the campaign which also brought in more than $32m in additional tax revenue.

He says the report shows it was not only successful on the water - until the last stage - it was economically successful for New Zealand.