According to reports coming out of Australia, the 2007 season Formula One season opener held at the Albert Park circuit in Melbourne, recorded a 34.6 million Aussie dollar loss.

With revenue from the event dropping by over four million, from 47 and a half to 43.3, and together with the cost of 78 million to stage the race, the difference the government had to pay was a total of 34.6 million.

It is said that the downturn in funds comes from fewer ticket sales, especially as the much favoured Aussie V8’s were not on the schedule this season, and less sponsorship dollars.

"The State Government, the Brumby Government, can't manage these important events and important icons for Victoria. These events should be returning big dividends for Victoria, they should be able to be pulling in tourists, getting the results that Victorians need, the results for Victoria's economy.  Instead of that, we've seen them propped up by the Government and making significant losses," opposition scrutiny of government spokesman David Davis said in the Herald Sun.