The organisers of the Australian Grand Prix have reported a loss of almost 17 million pounds in 2008. Earlier this year local officials signed a five-year extension to 2015 to stage the Australian Grand Prix in Melbourne.
According to Australian Grand Prix chairman Ron Walker the losses were likely to continue in the following years. Walker said: "In the current economic climate of high fuel and transport costs, the deficit between cost and revenue is expected to increase by 10 percent per annum."
