Greens say Formula 1 Grand Prix costs are out of control | Sue Pennicuik

Greens say Formula 1 Grand Prix costs are out of control

Friday, October 14, 2016

The annual report of the Grand Prix Corporation confirms that this year's event wasted almost $61 million of taxpayers’ money.

“The last five grand prix events have cost Victorian taxpayers almost $290 million, with an extra $4.3 million government allocation for ‘capital works’ in the last two years, Greens MP for the Southern Metropolitan Region,” Sue Pennicuik said today.

“As I have said before, it appears to be impossible to reduce the amount of taxpayers’ money needed to prop up this anachronistic event. It just goes up and up every year.

“It’s an ever increasing and scandalous waste of taxpayers’ money that both Labor and Liberal governments have presided over for more than 20 years, Ms Pennicuik said.

“If this continues, as it appears it inevitably will, the grand prix will cost Victorians at least an additional $300 million in the next five years.

“Victorians are sick of hundreds of millions of dollars of their money being squandered on this event every year for the sake of a dwindling number of spectators and absolutely no benefit to the vast majority of Victorians.

“The Grand Prix Corporation is not even required to accurately count the number of attendees, like all other sporting events do, despite this massive taxpayer largesse. It just ‘estimates’ them every year.

“Instead of lining the pockets of overseas billionaires, taxpayers’ money should be invested in sporting and cultural events with actual benefits to Victorians.

“The Government also needs to be open and transparent with Victorians about this secretive event and release Grand Prix contracts, signed by it and by the former government,” Ms Pennicuik said.

For further comment: Ms. Pennicuik   03 9530 8399