Australian Grand Prix results released

The Victorian Government subsidised the 2013 Formula 1® Rolex Australian Grand Prix by $50.671 million and the 2012 AirAsia Australian Motorcycle Grand Prix by $5.947 million.

The level of Victoriann Government support for the 2013 Formula 1® Rolex Australian Grand Prix decreased from $56.656 million in 2012 to $50.671 million this year while the Coalition Government's support for the 2012 AirAsia Australian Motorcycle Grand Prix decreased from $6.586 million for the 2011 event to $5.947 million in 2012.

The extent of Government support was revealed this week by Victorian Minister for Tourism and Major Events Louise Asher and Australian Grand Prix Corporation Chief Executive Andrew Westacott.

The just released figures also estimated that 323,200 people attended the 2013 Formula 1® Rolex Australian Grand Prix across its four days, making it the biggest four-day crowd since 2005.

Last year's Motorcycle Grand Prix attracted the largest attendance since the event was brought back to Phillip Island in 1997, with more than 123,000 people estimated to have attended the event over three days, representing a year-on-year increase of 28%.

Minister Asher said last year's Australian Motorcycle Grand Prix was all about sending off local champion Casey Stoner in his last race at Phillip Island.

As a result, the MotoGP recorded increases of more than 40% in total revenue, underlining its importance as one of Victoria's premier major events and a great tourism drawcard for regional Victoria.

Westacott noted that global competition for events continues to increase with other destinations becoming more conscious of the associated economic, branding and tourism benefits.

Westacott explained "Victoria is now competing against proactive competitor cities around the world that recognise the importance of attracting and leveraging events. Major events with the global visibility of the Formula 1® Rolex Australian Grand Prix are few and far between."

Melbourne is contracted to host the Formula 1® Rolex Australian Grand Prix until the end of the 2015 event. The contract for the Australian Motorcycle Grand Prix extends to 2016.