F1 » Australia hoping to realise cheaper grand prix

The current Victoria state administration has said that it will be looking to reduce the amount it spends on hosting the Australian Grand Prix should a new contract be agreed with FOM.

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Matt - Unregistered

January 23, 2013 12:18 PM

This happens every year, people moan about how much it costs and how much Melbourne loses from putting it on, when people don't understand that Melbourne would make over 400 Million from just staging the race due to people coming in for it.

Giveway - Unregistered

January 23, 2013 12:18 PM

Time for the 'Australian GP' to find a new home me thinks...

Maybe the future planned 'Gold Coast Motorsport' facility can host the Formula1? OR the Gold Coast Indy circuit?

Caroline - Unregistered

January 23, 2013 2:29 PM

The Australian GP makes the state of Victoria a direct profit of around $35 million, and an indirect return on investment (tier 3) of around 254%.

It also gives around 400 people full time jobs.

Yak - Unregistered

January 23, 2013 5:24 PM

Matt, I'm a big F1 fan, lived in Melbourne all my life... I find it hard to believe the F1 GP brings anywhere near 400 million to the city. Any evidence to back up that claim?

Me - Unregistered

January 23, 2013 10:23 PM

I've lived in Vic my whole life.

I've been to the GP most years, except when it turned to a 5pm start as it's a pain to get home with work the next day.

$35m to hold a race I think is over the top. I also think $30m set up and dismantle cost of the track is over the top. I also think there are no set figures on how much the race brings in as a few years ago one report showed a loss to the state, done by a bloke who loathes the GP and another from an independent showed about a $90m or so profit.

I also know in 1996 or 1997 the SA government at the time said 'where has this extra money we had last year gone', as they got rid of the race due to costs then found they had even less money.

The Melb GP in 1996 cost the government (so a loss) of about $1.5m. Last year was about $50m.

Question, with no exact figures on loss or profit, is it worth it?

I love it so I say yes... but at the end of the day I don't know.

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