Victorian Government spotlights economic benefits of Australian Grand Prix

Melbourne businesses will welcome hundreds of thousands of fans to the city for the Formula 1 Australian Grand Prix with the global racing event being a significant economic driver for Victoria and one of the largest pop-up events in the southern hemisphere.

Secured in Melbourne until 2037, the racing event delivers a buzz like no other right across the state, packing out hotels, restaurants and bars, while supporting local jobs and businesses.

A study by Ernst & Young estimated the 2022 event directly injected $92 million into Victoria’s economy, and increased Victoria’s Gross State Product (GSP) by $171 million.

It was also estimated that the event supported 734 annual full-time equivalent jobs. The circuit build and dismantle alone created more than 2,500 temporary construction jobs over more than 400,000 hours of work. In addition, 80% of catering staff were local to Victoria and of the 81 food vendors, 75 were Victorian based.

The 2022 Grand Prix recorded the highest ever Melbourne attendance, with more than 419,000 fans enjoying the action at Albert Park over the four-day event and a national audience of 3.1 million tuning in on free-to-air TV.

Victorian Minister for Tourism, Sport and Major Events Steve Dimopoulos advises “nowhere does major events like Victoria and the Grand Prix will be another demonstration of why we are the best in the world for global sports – and they bring big benefits for local businesses and workers.”

Australian Grand Prix Corporation Chief Executive Andrew Westacott adds “with just over one week to go, we’re getting ready for the biggest Formula 1 Australian Grand Prix in the event’s Albert Park history – we can’t wait to see Melbourne come alive next week.”