2017-03-24
"Victorian taxpayers are set to lose tens of millions on the F1 grand prix again this weekend for an event that costs around three times as much as it makes,” Greens Member for Southern Metropolitan said today.
“In the last five years (2012 to 2016) the state government (taxpayers) has forked out almost $290 million to prop up the spiralling cost of the grand prix.*
“With the race set to cost us another $60+ million this year and a further six years at $60 million per year, Victorians will have paid three quarters of a billion dollars from 2012 to the end of the contract in 2023.
“If you add that to the estimated $400+ million government contribution up to 2012, then by 2023, this car race will have cost taxpayers more than $1.1 billion.
“It is impossible to justify this level of expenditure of public money on a foreign owned event, when funding is desperately needed in areas such as education, health, justice, homelessness and the environment.
“On top of that the grand prix is not - and never has been, required to accurately count the number of people who attend the event as all other major events can and willingly do. The grand prix has been allowed - year after year, to get away with an ‘estimate’ of attendances. It is scandalous,” Ms Pennicuik said.
“Why does this event continue to receive so much public money with so little benefit or accountability for it?
“The ongoing co‐option of large sections of Albert Park, for months either side of the race is an unacceptable disruption to the local community,” Ms Pennicuik said.
For further comment: Sue Pennicuik: 03 9530 8399
*AGPC Annual report 2106