“Today I am announcing that, as part of this package, we will be investing an additional $158 million over four years into tourism,” says uriMr Key.
“Achieving growth in tourism earnings requires targeted new investment to position New Zealand as a high value destination in markets with real potential for growth.”
In the year ended March 2012 tourism generated $9.6 billion of revenue and was 15.4 per cent of export earnings. It was 3.3 per cent of GDP and employed 6.2 per cent of the workforce.
“Later this week when I attend New Zealand’s premier tourism conference, TRENZ, I will announce details of where this $158 million will be invested,” says Mr Key.
Tourism is a great export earner, and helps reduce the current account deficit.
Current Vote Tourism is:
- Departmental Costs $7.6m
- Tourism Strategy $1.2m
- Tourism Marketing $83.8m
- National Cycleway $12.1m
A $158m increase over four years is an average of an extra $40m a year which is basically a 50% increase in the marketing budget.