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As someone who was wholly against my government spending GBP9bn of taxpayers money on the Olympics, I can sympathise greatly with my friends in Melbourne who do not want the GP (although it's a positive bargain by comparison to London 2012).
Although I love motorsport, it's not everyone's cup of tea.
What it really comes down to is whether the actual cost of the GP is really covered by the additional boost the economy sees as a result of it. The difficulty is that is impossible to measure.
Although I am certain the UK economy did not benefit to the tune of GBP9bn from the Olympics. Some politicians had a nice ego boost though. Good for them.