The 2017 Australian Grand Prix was supported by government payments worth over £56 million according to the annual report published by the Australian Grand Prix Corporation.
The regional government paid a fee of £32.2m (AUS$57.5m) to host the race and also spent £6.9m (AUS$12.3m) on capital works. A further £17.1m (AUS$30.6m) was spent on “financial assets”. The total cost of the race therefore exceeded one hundred million Australian dollars.
The Australian Grand Prix Corporation has faced criticism over the cost of the race as well as complaints over the use of public space in Albert Park to host it.
The Melbourne track hosts the season-opening round of the 2018 F1 calendar. It is the 21st time the championship has opened with the race, which is contracted to remain on the calendar until 2023.
Australian Grand Prix Corporation chairman John Harnden said the arrival of F1’s new comercial rights holders Liberty Media gives them “optimism” for the future. “Under four key pillars, their focus centres around fan experience, brand, partnerships and digital engagement which will inevitably see a greater international reach and increased opportunities,” he said.
This year’s Australian Grand Prix support bill will be enhanced as the popular Supercars series event will now be a championship points-paying round.
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