According to reports in the Australian press, a secret study has been completed that could see a new Formula One track built near Melbourne’s Avalon airport to the tune of 200 million Australian dollars.

The new circuit would be built to rival the current home of Formula One in Australia, the Albert Park Circuit with Trucking giant Linfox discovering that it was a very viable and much cheaper alternative than the current venue that requires twenty million dollars a year just to set up for the race.

"If the Government could extend the agreement with Bernie Ecclestone then we believe we can justify a new facility of an F1 standard - world's best practice - at Avalon," Linfox director Andrew Fox explained to the Melbourne Herald.

The Australian event has been losing a lot of money over the past few years with taxpayers expected to cover another 50 million dollar loss this year due to the 66% rise in costs.   

"It would be wrong of the Government not to address something that might be of less expense for the taxpayer," Fox added, however with the GP set to run until 2015 at Albert Park, a move is not under consideration at this particular point in time.