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Cash-strapped Allan government spends record $130m on Australian Grand Prix Corporation

The Allan government in Victoria has allocated a record $130 million to the Australian Grand Prix Corporation for the 2024 event, despite facing financial constraints. This funding, which is $10 million more than the previous year, covers the costs associated with hosting the Formula 1 race, including infrastructure, security, and event management. The decision comes amidst criticism over the state's financial management, with the government defending the expenditure by highlighting the economic benefits and international exposure the event brings to Victoria. The Grand Prix, held at Albert Park, is seen as a significant tourism drawcard, although the exact economic return remains a point of contention.

Read the Full The Age Article at [ https://www.theage.com.au/politics/victoria/cash-strapped-allan-government-spends-record-130m-on-australian-grand-prix-corporation-20241128-p5kua4.html ]