F1

Australian GP costs taxpayers $50m - report

Australian GP costs taxpayers $50m - report

This year's Australian Grand Prix cost taxpayers almost $10 million more than the previous Melbourne race. The 2010 loss tips the scales at $49.2 million, more than double the loss of 2006, according to a report in The Australian...

This year's Australian Grand Prix cost taxpayers almost $10 million more than the previous Melbourne race.

The 2010 loss tips the scales at $49.2 million, more than double the loss of 2006, according to a report in The Australian newspaper.

The figure emerged in the Australian Grand Prix Corporation's annual report, insisting the global financial crisis continues to have a "significant impact" on the Albert Park event.

Additionally, a further $7.8 million will be spent on improvements to the venue, located around public parklands south of the city.

Ten years ago, the race lost less than $4m annually.

Write a comment
Show comments
About this article
Series F1

User photos

Evan_DeCiren
F1

Evan_DeCiren

28 photos
colfox72
F1

colfox72

1 photos
EuroRacer
F1

EuroRacer

44 photos
gillfoto
F1

gillfoto

1 photos
akazoinho
F1

akazoinho

4 photos
Tim Holmes
F1

Tim Holmes

25 photos
jimmykwoods
F1

jimmykwoods

2 photos
nickmossdesign
F1

nickmossdesign

1 photos
Upload photo