1 00:00:00,040 --> 00:00:02,800 Speaker 1: The America's cut not coming home in twenty twenty seven. 2 00:00:02,960 --> 00:00:05,760 Speaker 1: Why because the government's not putting any money in. Basically, 3 00:00:05,880 --> 00:00:09,200 Speaker 1: the Sports Minister Mark Mitchell said it would have cost us. 4 00:00:09,240 --> 00:00:11,760 Speaker 1: This is just the tax payers alone. Would it cost 5 00:00:11,840 --> 00:00:14,640 Speaker 1: us seventy five million dollars? I thought it'd be really 6 00:00:14,680 --> 00:00:15,360 Speaker 1: good for the country. 7 00:00:15,400 --> 00:00:17,560 Speaker 2: But I fully acknowledge that we're in a tight spot 8 00:00:17,560 --> 00:00:19,800 Speaker 2: fasically at the moment and that seventy five million dollars 9 00:00:19,800 --> 00:00:21,040 Speaker 2: has better spend in other areas. 10 00:00:21,239 --> 00:00:24,479 Speaker 1: Steve Armitage's the chief executive Hospitality and Z with me tonight. 11 00:00:24,560 --> 00:00:26,840 Speaker 2: Hi Steve, Hi Ryan, how are you? 12 00:00:27,000 --> 00:00:29,120 Speaker 1: I'm good. I don't imagine this is going to be 13 00:00:29,120 --> 00:00:31,840 Speaker 1: a welcome decision for you, But can you understand why 14 00:00:31,880 --> 00:00:32,600 Speaker 1: they've made it? 15 00:00:34,080 --> 00:00:36,360 Speaker 2: I can certainly understand it from and I think the 16 00:00:36,440 --> 00:00:39,120 Speaker 2: rhetoric that they're playing around it obviously plays well to 17 00:00:39,720 --> 00:00:42,080 Speaker 2: the general populace. But I think it's only one side 18 00:00:42,120 --> 00:00:44,800 Speaker 2: of the argument. I don't think it's reasonable to say 19 00:00:45,159 --> 00:00:48,040 Speaker 2: that this is money that just goes into a black hole. Actually, 20 00:00:48,040 --> 00:00:50,960 Speaker 2: the event can help to bolster government coffers through GST 21 00:00:51,120 --> 00:00:53,479 Speaker 2: revenue from the teams being here and established over a 22 00:00:53,520 --> 00:00:58,280 Speaker 2: period of time investment and technology, both building componentry even 23 00:00:58,320 --> 00:01:00,920 Speaker 2: before you get to the visitation. So in my view, 24 00:01:00,960 --> 00:01:02,800 Speaker 2: this is one of those instances where you're actually making 25 00:01:02,840 --> 00:01:05,360 Speaker 2: an investment to unlock the greater return over time. 26 00:01:05,920 --> 00:01:08,640 Speaker 1: The government says, look, we've got surgeries to fund, we've 27 00:01:08,640 --> 00:01:11,759 Speaker 1: got roads to build. All of those things have great 28 00:01:11,880 --> 00:01:16,080 Speaker 1: economic outcomes too, And is it thement government's business at 29 00:01:16,120 --> 00:01:19,920 Speaker 1: this particular point in time to be picking winners with events. 30 00:01:20,959 --> 00:01:23,600 Speaker 2: Well, on the one hand, again you can make that argument, 31 00:01:23,640 --> 00:01:26,280 Speaker 2: but also we've heard consistent messages this year around the 32 00:01:26,360 --> 00:01:29,040 Speaker 2: need to grow our economy, to lift visited numbers, and 33 00:01:29,080 --> 00:01:31,560 Speaker 2: also to move away from a culture of saying no. 34 00:01:31,720 --> 00:01:33,400 Speaker 2: So my argument would be that this seems to run 35 00:01:33,440 --> 00:01:36,000 Speaker 2: encounter to that. But again, even if we were to 36 00:01:36,000 --> 00:01:38,480 Speaker 2: say that hosting the event here would generate half of 37 00:01:38,520 --> 00:01:41,520 Speaker 2: the economic benefit that has been reported from Barcelona, which 38 00:01:41,520 --> 00:01:44,480 Speaker 2: would be around a billion dollars, the GST take a 39 00:01:44,480 --> 00:01:46,360 Speaker 2: loan from that would be around one hundred and fifty million, 40 00:01:46,400 --> 00:01:49,240 Speaker 2: So you're doubling your money, and you can invest that 41 00:01:49,320 --> 00:01:52,640 Speaker 2: into surgeries and fixing roads and so on. So again, 42 00:01:52,680 --> 00:01:54,280 Speaker 2: it just seems like it's been a little bit of 43 00:01:54,280 --> 00:01:57,120 Speaker 2: a simplistic assessment. In this instance, it would have been 44 00:01:57,120 --> 00:01:59,280 Speaker 2: better to think about the longer term benefits from hosting 45 00:01:59,320 --> 00:01:59,640 Speaker 2: the event. 46 00:02:00,000 --> 00:02:02,320 Speaker 1: What was the other problem you've got is the once 47 00:02:02,360 --> 00:02:04,960 Speaker 1: bitten twice shy because the COVID one we made a 48 00:02:05,000 --> 00:02:07,520 Speaker 1: loss on. Right, So people will probably think, oh, well, 49 00:02:07,560 --> 00:02:08,440 Speaker 1: we've heard this before. 50 00:02:09,960 --> 00:02:11,920 Speaker 2: Yeah, But I think also people are smart enough to 51 00:02:11,960 --> 00:02:14,240 Speaker 2: realize that we weren't able to deliver the event as 52 00:02:14,240 --> 00:02:17,760 Speaker 2: it was intended for all the reasons that people well understand. 53 00:02:18,960 --> 00:02:21,320 Speaker 2: And you raise an interesting point because you know there 54 00:02:21,400 --> 00:02:25,200 Speaker 2: is investment in infrastructure to host this particular event as 55 00:02:25,200 --> 00:02:28,359 Speaker 2: well as other large scale and water events. So we've 56 00:02:28,400 --> 00:02:31,120 Speaker 2: invested that time and effort and energy and funding and 57 00:02:31,160 --> 00:02:35,280 Speaker 2: to deliver a place that can host successfully in the 58 00:02:35,320 --> 00:02:37,840 Speaker 2: America's Cup. We should be utilizing it. 59 00:02:38,240 --> 00:02:41,400 Speaker 1: Steve, really appreciate your time tonight. Steve Armitage, chief executive 60 00:02:41,400 --> 00:02:43,960 Speaker 1: at Hospitality and Z's not happy with the decision. 61 00:02:44,520 --> 00:02:47,720 Speaker 2: For more from Heather Duplessy Allen Drive. Listen live to 62 00:02:47,800 --> 00:02:50,840 Speaker 2: news Talk zi'd Be from four pm weekdays, or follow 63 00:02:50,880 --> 00:02:52,640 Speaker 2: the podcast on iHeartRadio.