Australian GP costs taxpayers $50 million
16 September, 2010
Pit babes at the Australian GP
Sep.16 (GMM) This year’s Australian grand prix cost taxpayers almost $10 million more than the previous Melbourne race.
The 2010 loss tips the scales at $49.2 million, more than double the loss of 2006, according to a report in The Australian newspaper.
The figure emerged in the Australian Grand Prix Corporation’s annual report, insisting the global financial crisis continues to have a “significant impact” on the Albert Park event.
Additionally, a further $7.8 million will be spent on improvements to the venue, located around public parklands south of the city.
Ten years ago, the race lost less than $4m annually.
Nevertheless the state Victorian government has defended its record spending on the Australian grand prix.
An independent MP called the figures “embarrassing” and “outrageous”, but major events minister Tim Holding said formula one is worth it.
“The economic benefit to Victoria far outweighs the cost of staging the grand prix,” he is quoted by The Age newspaper.
Albert Park is contracted to stay on the F1 calendar until at least 2015.
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@Muddles
I just went to the official promoters of a selection of GPs.
Montreal are very friendly, one quote I got was from Quebec Finance Minister Raymond Bachand …
“It is the biggest weekend of the year in Canada, even for the sale of men’s clothing.”
You come up with some brilliant comments Bec, a good one.
Grands Prix generated approximately US$221 million in Malaysia and US$394 million in Bahrain, and the Canadian GP generated US$75 million for the Montreal economy, and is the number one tourism event in Canada.
If Melbourne are losing money (overall), what are they doing wrong?