Taxpayers continue to fund rising Melbourne Grand Prix costs
The price of the Melbourne Grand Prix continues to rise, with taxpayers forking out big bucks each year to host the annual Albert Park event.
VIC News
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Taxpayers poured in more than $60 million to stage this year’s Melbourne Grand Prix — $3.7 million more than last year.
The latest Australian Grand Prix Corporation report released today reveals revenue increased more than $4 million with racegoers pouring $55.6 million compared to $51.4 million last year.
But costs of staging the opening race of the Formula One season at Albert Park outpaced revenue and the government investment hit $60.1 million.
It is the biggest public contribution to the major event since the Andrews Government chipped in $60.9 million in 2016 and $61.7 million in 2015.
Australian Grand Prix chief executive Andrew Westacott said the event helped show Melbourne to the world and lure visitors from interstate and overseas.
“We’re delighted to have been able to deliver another world-class Formula 1 event, showcasing Melbourne and Victoria globally, at lower government investment levels than 2016 and 2015,’’ he said.
“On a global stage, Melbourne punches above its weight by staging the season-opener, regarded by many as the best Formula 1 event in the world.
“As Melburnians, we should be proud of the fact we’re the only city in the world with a Formula 1 Grand Prix and a Grand Slam tennis tournament.”
The Government investment for last year’s Australian Motorcycle Grand Prix was $12.6 million, up on the $11.3 spent in 2017.
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Revenue for the MotoGP event increased from $11.3 to $11.99.
Estimated attendances at the MotoGP rose from 85,600 to 86,250.
Crowds estimated at 324,100 by the Grand Prix Corporation flocked to this year’s event to see Aussie F1 hero Daniel Ricciardo race for his new Renault team for the first time.
The Grand Prix Corporation said the crowds were the biggest in 14 years.
The 2020 Grand Prix will celebrate the 25th anniversary of Victoria hijacking the race from Adelaide to help turn Melbourne into Australia’s undisputed sporting capital.