Formula One news

Oz GP cost $19m in 2005

The Melbourne grand prix clocked up a record-setting bill in 2005. Reports in the Australian press said March's running of the formula one season opener cost tax payers (AUD) $19 million.

The race's annual report shows a $13.6m loss for the race at Albert park, in addition to $2.8m spent on 2006 and $2.5m on capital works. A further $5.5m was spent on the MotoGP race at Phillip Island.

The reports come after the grand prix's recent controversial claim that, in 2005, $224m was generated for the economy by the annual event. "This is the fifth year of operating losses for the event," read a column in the Melbourne newspaper 'The Age'.

The Australian Grand Prix Corporation, however, claims that the 'economic benefit ... from the influx of international and interstate visitors far outweighs the cost of staging the (grand Prix)'.

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