Victorian Government backs Australian F1 Grand Prix with $60 million subsidy

The Victorian Government subsidised the 2014 Formula 1® Rolex Australian Grand Prix with $59.97 million and the 2013 Tissot Australian Motorcycle Grand Prix with $11.27 million.

Announcing the spending, Victorian Tourism and Major Events Minister Louise Asher highlighted that Melbourne and Victoria continued to enjoy significant economic, branding and tourism benefits from hosting two of the world's leading motorsport events, in addition to the important benefits flowing to the major events industry in the state.

Australian Grand Prix Corporation Chief Executive Andrew Westacott added that an estimated 314,900 fans attended the 2013 F1 Grand Prix at Albert Park Circuit from 13th to 16th March this year, representing the second largest crowd in eight years.

Westacott stated “the importance of having a prominent Australian competitor at both events has become increasingly clear and we are very fortunate to have two young Aussie talents quickly climbing the ranks.

"The undeniable appeal of Formula One's Daniel Ricciardo and the infectious enthusiasm of Jack Miller who is currently leading the Moto3 World Championship is sure to attract fans to both events in years to come."

Minister Asher said Victoria's major events strategy contributes $1.8 billion to the Victorian economy annually and generates some 3,500 jobs, stating that the Formula 1® Australian Grand Prix alone generates between 351 and 411 full-time equivalent jobs and up to $39 million in economic benefits as well as up to $36 million in media or advertising-equivalent.

She added that both events confirm Victoria's standing as a world class tourist destination and one of the world's ultimate sporting destinations, concluding "the Australian Motorcycle Grand Prix is the largest international sporting event staged in regional Australia and delivers significant economic benefits to Phillip Island and the broader South Gippsland region."

Last month, it was announced that Melbourne had secured the Formula 1® Australian Grand Prix until 2020.

3rd August 2014 - AUSTRALIAN F1 GRAND PRIX TO STAY IN MELBOURNE UNTIL 2020