Melbourne Grand Prix credited with boosting Victorian economy by $268m

This year’s Formula One Melbourne Grand Prix delivered Victoria’s economy a $268m boost — almost $100m more than last year’s.

The Grand Prix in Melbourne has provided another huge economic boost. Picture: Jake Nowakowski

The Melbourne Grand Prix has been credited with revving up the state economy by a record $268m – a 57 per cent or $97m increase on last year.

An Ernst & Young report into the economic impact of this year’s F1 Australian Grand Prix shows this year’s event attracted $144m in direct expenditure and 1149 jobs.

But taxpayer investment in the drawcard this year won by world champion Max Verstappen and featuring the home debut of Melbourne’s Oscar Piastri cost the public $100.6m, up from $78.1m last year.

It means for every dollar Victoria invested in the four day event, it generated about $2.66 in economic impact.

A report found the Grand Prix attracted $144m in direct expenditure. Picture: Jake Nowakowski

Tourism, Sport and Major Events Minister Steve Dimopoulos said the event was a boon for Victoria’s economy, “boosting businesses, local jobs and our unrivalled hotel and hospitality sector.”

“The Grand Prix is an event like no other – bringing racing fans from interstate, overseas and locally and showcasing the state to millions of spectators right across the globe,’’ he said.

“Victoria is the major events capital of Australia and we’re backing a blockbuster summer calendar of iconic sporting events for everybody to come out and enjoy.”

An unprecedented estimated 444,631 fans attended this year’s Grand Prix, with Saturday and Sunday tickets selling out — for the second year straight – faster than ever.

The report, commissioned by the state government, revealed an estimated 80,987 “unique specific and extended stay” fans came specifically to Victoria or extended their stay for the event.

At least 72,176 of visitors were from interstate – up five per cent from last year.

International visitors made up about 8,800 of ticket sales.

McLaren driver Oscar Piastri drew a huge crowd. Picture: David Caird

And about 39 per cent of tickets sold were to females, up from 24 per cent in 2019.

Grand Prix chief executive Travis Auld said the windfall was driven by a rise in attendees, more international and interstate visitors and increased spending on accommodation, food, retail and transport.

“We are incredibly proud of the significant economic impact that this year’s Formula 1 Australian Grand Prix brought to the State of Victoria,’’ he said.

“The event saw fans from Australia and around the world experience the best in motorsport and entertainment.’’

Next year’s event, from March 21-24, is also likely to attract huge crowds with general admission tickets to Sunday’s race selling out less than two hours of going on sale in August.

“Planning is well underway for the Formula 1 Australian Grand Prix 2024, and we look forward to seeing the event come to life when hundreds of thousands of fans come through our gates once again in March,’’ Mr Auld said.

An economic impact study into last year’s Melbourne Grand Prix found it bolstered the economy by $171m.