The Opposition is slamming the Provincial Growth Fund and the man holding its purse strings, Regional Economic Development Minister Shane Jones, for creating just 54 jobs in its first year.

Data, provided by the National Party, reveals just 38 of the 135 announced Provincial Growth Fund (PGF) projects have received funding.

That represents just 3.4 per cent of the total $850 million PGF funding announced so far.

"That's $26.6 million for 54 jobs, or the equivalent of $490,191 per job," National's economic and regional development spokesman Paul Goldsmith said.

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He said this was a dismal outcome, considering the mountain of press releases, town hall meetings and hyperbole being rolled out by this Government.

"Jones would have you believe he's the saviour of the provinces but the only thing he seems intent on saving is his political career."

Goldsmith went further, saying the PGF was all about maximising New Zealand First's re-election chances in 2020.

"The facts about the PGF are elusive and the Government hasn't willingly disclosed what's really going on. It has taken endless questioning by National to penetrate the layers of Government obfuscation."

Jones had claimed in the House last year that 9000 jobs had been created because of the PGF.

Speaking to Newshub, Jones said he accepted that some of the PGF projects would take a while to fully establish.

He said Goldsmith] was exaggerating.

"Despite my own heroic rhetoric, the [PGF] is quite a red-tape process," he said.

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