Australian GP loses almost $50m 17/09/2010 |
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The 2010 Australian Grand Prix posted a AUS$49.2m loss, it has been announced.
The Australian Grand Prix Corporation (AGRC) said the global financial crisis had continued to have a "significant impact" on the loss-making race.
The organisers’ annual report noted that despite cost-cutting, expenses had increased due to the inflated cost of staging the race.
The loss follows a AUS$40m shortfall from the race last year which the AGRC also blamed on the global financial crisis.
Despite declining interest and accumulated losses of more than AUS$200m in staging the race at Albert Park, the state Government has committed to holding it until 2015.
"The economic value of this event to Melbourne is in the order of AUS$62m," state broadcaster ABC quoted major events minister Tim Holding as saying on its website.
However, the auditor-general – a government watchdog – reported that the race's losses in 2007 outstripped measurable economic gain.
The race posted a AUS$34m loss that year and has racked up AUS$40m-plus losses for the past three races.
"Three years ago, the auditor-general found it does not produce the economic benefits the Government has claimed and he found no tourism benefit for Victoria," Peter Logan from Save Albert Park, a group that has campaigned to have the race moved away from the public park, told ABC.
"This cost of AUS$49m is just a huge cost on all Victorian taxpayers.”
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