The partnership will see the establishment of New Zealand's first national awards for the arts, called the Macquarie Private Wealth New Zealand Arts Awards. The awards will be an annual event where more than NZ$350,000 ($277,126) will be donated to outstanding artists.

The Australian bank's investment is also enabling the Arts Foundation to launch a crowdfunding website, which the foundation says has the potential to generate $3 million in new funding for the arts each year.

The privately-funded Arts Foundation invests in New Zealand's artistic talent through awards such as the Laureate and New Generation Awards and facilitates private giving to the arts.

The foundation's awards are funded by a permanent capital of NZ$6 million and partnerships with donors. The Arts Foundation is a membership organisation that is expecting legacies of NZ$15 million.