Melbourne Prize: big prize or bigger fools

In 1999, former grand prix chairman, Ron Walker, admitted that trucking in and out the grand prix infrastructure would keep the race "in the red". Last year, that cost was around $68 million, paid by taxpayers. This year the race contract is estimated to be somewhere between $100-$150 million. This money goes straight into the pockets of Formula 1.

The grand prix also has a detrimental impact on local sporting clubs. Every year the grand prix seriously disrupts local sport for up to four months causing clubs to lose potential members, home-ground advantage and revenue.

How long can we allow the Australian Grand Prix Corporation to continue spending our money without accountability and transparency? When will the government put the brakes on this lunacy.

Our government cancelled the Commonwealth Games, blaming state debt. It indicated this decision was 'fiscally responsible'. What about 'fiscal responsibility' for the grand prix? How long will taxpayers continue to subsidise this car race? Given the current cost of living crisis – and the increasing numbers of people who are homeless - surely the Victorian government can find better ways to spend our taxes.