Taxpayers spent a record $78 million on the Melbourne race in 2022 alone, but is it worth it?
Victorian taxpayers spent a record $78.1 million to host Melbourne’s 2022 grand prix, with costs totalling more than half a billion dollars over a decade, but the government is adamant the race has generated far more in broader economic benefits.
“We’ve secured the Formula 1 Australian Grand Prix event in Melbourne for the next 15 years, which will boost businesses and jobs across Victoria, while showcasing the state to millions of spectators right across the globe,” he said. The total taxpayer subsidy for the event – $537.5 million over the last decade – has been a source of controversy for years.The government argues the benefits of international branding and economic activity the race generates far outweigh any direct costs, while opponents have suggested the money could be better spent.
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