Grand Prix worth cash loss – but not Logies

THE Formula One Grand Prix in Melbourne is still losing millions of taxpayer dollars, but the government says it’s worth it to promote “brand Melbourne”.

The Australian Grand Prix Corporation’s annual report released yesterday shows the Victorian government chipped in $57 million for the 2017 race, down from $60.9 million in 2016.

Treasurer Tim Pallas (pictured) said the cost of the event was worth it. “The Grand Prix generates considerably more both in terms of economic activity but also in terms of people’s recognition of the brand that is Melbourne,” Mr Pallas said.

Opposition Leader Matthew Guy said he also supported the event, however, he thinks Victoria should not have dumped its funding for the Logies, which is now moving to the Gold Coast.