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OCTOBER 19, 2005

Australian Grand Prix nets $32.5m a day for local economy

The Australian Grand Prix is a major economic bonus for the city of Melbourne, according to the findings of a new report, published by Australia's National Institute of Economic and Industry Research. Victorian state tourism minister John Pandazopoulos has added that the economic benefit to the state includes the creation of more than 3500 jobs. The report concluded that the race in 2005 brought the city $130m to the city in direct earnings, a major increase on the figures when the race started 10 years ago.

Despite the obvious advantages of the race and the general acceptance that it is a good idea, there remain a few vocal critics. There is some support for a plan to move the race from Albert Park to Sandown in the suburbs of the city but race boss Ron Walker says that this is not planned because the idea of running the race in Albert Park was to show the city in the background.