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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January 24, 2013 4:59 AM

I have some sympathy for the Victorians since they only get back 92% of the GST revenue they remit to Canberra, being the second worst deal after WA which only gets 55%. The Aus GP is a national showcase event and should have far better backing and support from the Australian Federal Govt.

Fergs - Unregistered

January 24, 2013 8:32 AM

Last year AGP lost $52 mill --- $30 mill of that went straight to Bernies pocket for the right to host the GP

It does bring in 80 odd million to the Vic economy each year -- issue is set up costs escalate (it is in a public park remember) and Bernies slice has an " escalator" clause that goes up 5% every year regardless of if the GP makes money or not!!

Melbs contract with Eccelstone runs out in 2 years time (2015) i think it will be gone from Aust to a circuit that can afford the exorbitant fees

Chop Chop - Unregistered

January 24, 2013 5:11 PM

Why Melbourne GP has to pay $ 32.5 Millions to CVC and Berneie somewhere else fee for GP is around $ 20 Millions?
I think middle man is ripping off Melbourne tax payers.
Last year Melbourne had lost total over $ 55 millions for GP.
I don't think it worth for ordinary tax payers in Melbourne.
You can still watch GP on TV if GP move to somewhere else.

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