Tourism Minister Louise Asher announces 2013 GP's $50m loss.      

    Michelle Ainsworth
    Herald Sun
    August 28, 2013


VICTORIAN taxpayers forked out more than $50 million for Melbourne to host the Grand Prix this year as the race continues to sustain heavy losses.      

But crowds for the event were the biggest since 2005, the government says, with over 323,000 people attending the four day event.

And the loss was about $6 million less than for the 2012 race.

The massive cost to taxpayers will again raise questions about the worth of the Grand Prix, with the event's contract to expire by 2015.

Tourism minister Louise Asher announced the results ahead of the release of the annual report  within the next few months.

The Grand Prix lost $50.67 million, which is subsidised by taxpayers, and the MotoGP lost $5.95 million.

The 2012 Grand Prix race cost taxpayers $56.6 million.

In that year the race brought in $36 million revenue and cost $93 million.

In 1996, when Victoria poached the event from Adelaide it cost taxpayers $1.7 million.

The 2011 race cost about $50 million and Ms Asher has previously said future races were expected to have even higher losses.      

The current contract for the event expires in 2015 and Ms Asher has previously said it would need to present better value for money for Victorians for a new contract to be signed.

Ms Asher said she was very pleased to announce the figures, which were audited by the Auditor-General.

The AG only completed the audit yesterday.

Ms Asher said revenue was up 10 per cent with the Formula One event brining in an extra $4 million in 2013.

The drop in the losses was also attributed to cost cutting at the Grand Prix worth about $2 million.

Ms Asher said the corporation had moved into smaller offices, dropping about 25 per cent of floor space to reduce costs.

Cuts were also made with a change to the ticketing contract.

Ms Asher could not say whether a decision would be made on the future of the event before next year's election.

"I don't think I'm at liberty to tell you what is the mood of the government about the future of this," she said.

"I feel I am under no pressure about this."

She said she had asked Grand Prix corporation chairman Ron Walker to begin preliminary discussions with GP boss Bernie Ecclestone for a new contract following the 2015 event.

She said a decision on the contract would be made by a cabinet sub-committee which looks at government investment.

"We will only sign a new contract if it represents good money."            

Ms Asher said the contract would be "enormously competitive" and there was competitive pressure from a range of countries, including the Middle East, to take the event.

It doesn't matter if it loses $50 billion, it's an Aussie icon.....mate!

Think of the $20,000 tourist dollars it rakes in.

The Australian taxpayer is giving money directly to Bernie Eccleston, a known crook and tax dodger......we love doing that sort of thing.....especially in Melbourne....the sporting capital.

Ex Dame Pansi wrote on Aug 29^th, 2013 at 8:57am:


the people organizing this scam every year such as potato head are loaded with money but they never use their own money. potato head never fails to get a listing in BRW rich 200 !!

Quantum wrote on Aug 29^th, 2013 at 4:41pm:


why don't you move on troll and stop posting on threads you have no interest in