Lots of money for a yacht race

The Herald reports:

The extra Government funding brings the total amount of Crown spending on the event to $136.5 million, with a further $98.5 million coming from Auckland ratepayers.

So $235 million from taxpayers and ratepayers.

But the economic benefit of holding the race in Auckland, which the Government estimates being between $500 million and $1 billion, outweighs the costs, Parker said.

“[The cost/benefit ratio] has been watered down – but we still think that overall it’s worthwhile.”

Economic benefits are almost always over-estimated. And those benefits do not necessarily go to those who pay the taxes and rates.

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