Last year's Australian Grand Prix lost almost $35 million AUD and, since 1996 when former premier Jeff Kennett lured the event away from Adelaide, it has lost more than $130 million AUD. Brumby has previously raised doubts about the future of the race in Melbourne, with revenue having dropped from $52.6 million AUD in 2005 to $43.4 million AUD in 2007, whilst over the same period of time expenditure rose from $66.2 million AUD to $78 million AUD.
The race is guaranteed at Albert Park for the next three years with this year's event, to be held from 13-16 March, reported to be enjoying strong ticket sales but the licence fee to continue holding it in 2010 is understood to be more than $40 million.
Ecclestone has yet to discuss the race's future with Australian Grand Prix chairman Ron Walker.
Meanwhile, Queensland's government and the Gold Coast City Council are not expected to enter into talks to hold a
Formula 1 race there, with Gold Cost Mayor Ron Clarke instead re-affirming his council's full commitment to supporting the Champ Car race at Surfers' Paradise.
The Indy [Champ Car] came to us, he stressed, speaking to the state's
Courier Mail. We have a contract. In the end it's really the Queensland Government's decision because we come to it as a third party or second cousin, but I think there will be some benefits out of this for the Indy from more people coming to the state.
Race chairman Terry Mackenroth echoed Clarke's contention that any possible demise for
F1 in Australia would only help to secure Champ Car's long-term future in Queensland, particularly in terms of increased sponsorship interest in the event.
I wouldn't think the government would bid for it [F1], he underlined. It's too expensive. We've got a great series and people are very happy with Indy.
