The race,held at Albert Park over three days this year from April 7 to 10,generated $75.1 million in revenue but cost $153.2 million to stage,leaving a financial shortfall.
A spokesman for Sports and Major Events Minister Steve Dimopoulos said a recent economic impact assessment of the 2022 Australian Grand Prix,conducted by Ernst&Young,found the race boosted Victoria’s gross state product by $171 million.
“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 annual report was tabled in state parliament on Wednesday,days after Premier Daniel Andrews announced Melbourne hadsecured the rights to host the race for an extra two years. That means the race will be held in Melbourne until at least 2037.
Under the deal,Melbourne will host the first race of the Formula 1 season for at least four years between 2023 and 2037,with Saudi Arabia hosting the first race of the 2024 Formula 1 season to honour Ramadan.
The total taxpayer subsidy for the event – $537.5 million over the last decade – has been a source of controversy for years.