Cost of staging Melbourne’s F1 Grand Prix hits all-time high
The cost to the public of staging this year’s Formula One Grand Prix at Albert Park was $102.3m – almost $1.7m more than last year.
Victoria
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The cost to taxpayers of staging Melbourne’s Formula One Grand Prix has hit an all-time high of more than $102.3m – almost $1.7m more than last year.
The Australian Grand Prix Corporation’s annual report released on Thursday revealed the public price tag of this year’s record breaking F1 event hit an unprecedented mark, up from $100.6m last year.
This year’s Albert Park event, won by Ferrari’s Carlos Sainz, with Aussie Oscar Piastri finishing fourth, attracted an estimated attendance of 452,055 over four days – the highest in history.
Total revenue rose from $96.9m last year to $116,929 this year, but total expenditure increased from $197.5m to $219.2m.
Government spending on last year’s Phillip Island MotoGP fell from $27.3m to $26m.
In a statement, the Corporation said: “These events make substantial contributions to Victoria’s visitor economy, boosting tourism, hotel occupancy, visitor spend and showcasing the state on the world stage.
“The Formula 1 Australian Grand Prix 2024 saw a record-breaking estimated attendance of 452,055 with the highest Friday and Saturday attendances on record.
“With the extraordinary interest in Formula 1 continuing, the growth of this event looks set to continue into 2025 and beyond.”
The cost of this year’s event was $42.2m more than the last F1 race staged in Melbourne pre-Covid in 2019 which cost taxpayers $60.1m.
The cost of the event in 2022 was $78m.
This year’s report cited a multimillion-dollar court case that forced the Australian Grand Prix Corporation to pay for cancellation of a Robbie Williams concert meant to form part of the abandoned 2020 GP.
World Touring Melbourne sued the Corporation for $8.7m in damages for its snap decision to call off the Williams concert due to the threat of Covid-19.
“On August 30, 2024, the Supreme Court of Victoria found against AGPC in a trial relating to the cancellation of the 2020 Formula 1 event,” the report said.
“The plaintiff was awarded $2.84m in damages, pending final cost orders.’’
Those costs are expected to be included in next year’s annual report.
The report revealed Grand Prix chief executive Travis Auld was paid more than $500,000.
It found the average attendee spent $1235 on activities outside the Grand Prix while in Melbourne for the four-day event.
More than 90 per cent of visitors to Melbourne for the event stayed in paid accommodation, with an average length of 4.5 nights.
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