Thursday 24 May 2012

GPUpdate

Big loss for Oz GP

4 November 2004

Australia's Formula One race cost taxpayers nearly $42 million since 1999 to cover growing losses, the Grand Prix Corporation revealed Wednesday.

The AGPC's annual report demonstrated a loss of nearly $13 million in 2003-4 alone, but - in the text - said 'benefits to the state of Victoria,' such as to the Melbourne economy and worldwide exposure, should be also considered.

Premier Steve Bracks, who tabled the report in parliament, commented that the Australian grand prix is 'great' for Victoria's 'reputation as a state.'

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