Policy Rationale
Most major events will be organised by the private sector without the need for government involvement. Certain situations can arise, however, where the market fails to allocate resources optimally. This is particularly where downstream business, social, cultural, sporting and tourism benefits ‘spillover’ to third parties. These spillovers can create a wedge between the event package that an event organiser may be willing and able to deliver, and that which is best for society overall. Government is often best-placed in these situations to ensure that all of the benefits are realised.
The Major Events Development Fund
The Major Events Development Fund (“the Fund”) was established in September 2004, in support of the government major events strategy. The purpose of the Fund is to facilitate government’s ongoing investment in the sector to grow, attract and retain major events that provide the maximum benefits for society. The Fund is administered by an Inter-Agency Events Group (IAEG), comprising officials from ten government departments and agencies, and has been appropriated $3.4 millions per annum in 2005/06 and 2006/07 from Vote: Economic, Industry and Regional Development.
Evaluation Scope
The Ministry of Economic Development (MED) has evaluated the operation of the Fund, and the efficiency and effectiveness of the strategy underpinning it. The initial period of operation has provided invaluable lessons for stakeholders and an opportunity to enhance the future performance of the Fund. The evaluation report contains findings, conclusions and recommendations. The report has been reviewed by the IAEG.