Melbourne’s Formula One Grand Prix ran at a $34.6 million loss, a report tabled in the Victorian parliament today shows.
The FINA World Swimming Championships and Federation Square were also among Victoria’s big drawcards to record losses this year.
The grand prix report, one of about 130 tabled in state parliament today, shows revenue decreased from $47.5 million in 2006 to $43.4 million this year .html” Hearald Sun
JOHN Brumby has opened the door to Victoria abandoning the Australian Grand Prix because of soaring costs.
As a new report revealed this year’s Formula One event at Albert Park had lost $34.6 million, the Premier ignited debate about the future of the race, saying it needed to provide value for money.
A decision on whether Victoria will bid to host the event after its contract ends in 2010 is due in the next few months.
Mr Brumby praised the race, but said it needed to pay its way.
“The Grand Prix’s still a great event for Victoria, ” Mr Brumby said outside Parliament yesterday. Ellen Whinnett and Shannon McRae, News.com
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