Victoria seeks new Australian FI deal
Victoria’s state government says that hosting the Australian Formula One Grand Prix in Melbourne is costing the state’s taxpayers too much, with more than AUD56 million in taxpayer funds spent to stage this year’s event.
Tourism Minister Louise Asher told The Age the Victorian government would be looking to renegotiate a cheaper contract as it reaches its 2015 expiry date.
“This is a very, very expensive race and I personally am not happy with this level of subsidy.”
However, Asher said it was not in the government’s interest to relinquish an event that had economic benefits in promoting tourism and branding Victoria.
“As tourism minister I don’t have Sydney Harbour. I don’t have the Great Barrier Reef,” she said.
“One of the ways that we’ve marketed Melbourne over many years is to hold major events to assist us in that branding.”
The minister said a 2011 economic impact statement estimated the event generated between AUD32 and AUD39 million, and another AUD35 million in media exposure.
Singapore, meanwhile, has extended its contract to host a Formula One race for five years until 2017.
Trade minister S. Iswaran said the Singapore Grand Prix had attracted 150,000 international visitors over the past four years and generated SGD140 million in tourism revenue annually.
The Singapore Grand Prix costs SGD150 million to run with the Singapore government funding 60%.
Ian Jarrett
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