“All things have a used-by date sticker on them and maybe the government might say, ‘look, it's been with us for 13 or 14 years or whatever it's going to be, and it's time for a change', but we don't know yet.
“It's viable now because we have $135 million AUD in economic benefit and we collect about $16 million AUD in tax against a construction cost of $26 million AUD, so it balances itself out.”
Walker did admit, however, that there was a very real danger Melbourne could lose its place on the calendar should a deal not be reached.
“If the Victorian Government can't negotiate an economical settlement of this [new] contract, then there won't be a race,” he stated bluntly, speaking to national daily
The Australian. “When it comes to paying too much money for an event the Victorian Government just won't wear it; it has to add up in the eyes of the taxpayer.
“Everybody would like to keep the
F1 race, but if it's not viable, it's not viable, and the government has to be responsible to its constituents. There will not be a night race.
“To spend $60 million AUD on lighting in Albert Park is just not on. If it's all about money, then clearly Melbourne will lose the race. There comes a time when you can't afford to pay these huge amounts of money for these events. The government has a responsibility to taxpayers.”
Walker added that the future of the grand prix was now in the hands of the Victorian government, but he stressed that scrapping the event from Melbourne would cost the state millions of dollars and massive global exposure. He said the race was regularly seen by 350 million people in 132 countries around the world.
