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.