OCTOBER 31, 2007
Melbourne reports more losses
The Australian Grand Prix is continuing to make losses with the latest report showing that this year's race cost the taxpayers $31m. The revenues for the race declined once again from $43m last year (which was supposed to have been affected by the Commonwealth Games) to $40m this year. The event cost $71m to stage and the government had to pay the difference. The problems relate to declining ticket sales and smaller sponsorship revenues.
Inevitably, the opposition parties have been whingeing about the race.