From GMM
This year's Australian grand prix cost taxpayers almost $10 million more than the previous Melbourne race.
The 2010 loss tips the scales at $49.2 million, more than double the loss of 2006, according to a report in The Australian newspaper.
The figure emerged in the Australian Grand Prix Corporation's annual report, insisting the global financial crisis continues to have a "significant impact" on the Albert Park event.
Additionally, a further $7.8 million will be spent on improvements to the venue, located around public parklands south of the city.
The state Victorian government has defended its record spending on the Australian grand prix.
An independent MP called the figures "embarrassing" and "outrageous", but major events minister Tim Holding said formula one is worth it.
"The economic benefit to Victoria far outweighs the cost of staging the grand prix," he is quoted by The Age newspaper.
Ten years ago, the race lost less than $4m annually. Albert Park is contracted to stay on the F1 calendar until at least 2015.
This year's Australian grand prix cost taxpayers almost $10 million more than the previous Melbourne race.
The 2010 loss tips the scales at $49.2 million, more than double the loss of 2006, according to a report in The Australian newspaper.
The figure emerged in the Australian Grand Prix Corporation's annual report, insisting the global financial crisis continues to have a "significant impact" on the Albert Park event.
Additionally, a further $7.8 million will be spent on improvements to the venue, located around public parklands south of the city.
The state Victorian government has defended its record spending on the Australian grand prix.
An independent MP called the figures "embarrassing" and "outrageous", but major events minister Tim Holding said formula one is worth it.
"The economic benefit to Victoria far outweighs the cost of staging the grand prix," he is quoted by The Age newspaper.
Ten years ago, the race lost less than $4m annually. Albert Park is contracted to stay on the F1 calendar until at least 2015.