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UPDATED December 2015. $695 million in taxpayer's money has been sunk on the grand prix but weren't we promised the profits would pay back initial borrowings? Worse, many hidden subsidies have pushed the real cost way beyond one billion dollars, as estimated here.
Report on the Report. Here is a full analysis of unsubstantiated claims published in the latest report from the grand prix corporation.
Every major claim about the grand prix is false or misleading. Here is the proof
Ecclestone's bribery and corruption scandal. Here are the facts that Melbourne's newspapers won't print
As the government did not follow the Auditor-General's recommendation to perform an annual cost-benefit analysis to determine if the grand prix is worthwhile, SAP commissioned Economists at Large (www.ecolarge.com) to update the A-G's cost-benefit analysis. They found the 2012 event resulted in a net economic loss to Victoria of $60.6 million. The report is here.
The government and the grand prix corporation have consistently refused to disclose under FOI any documents that can prove (or disprove) their claims of attendance. SAP has appealed to VCAT, asking for details of how they made up the attendance figures at last years race as they are far above those apparent from the audited ticket sales. The grand prix says revealing the truth would disadvantage them. Indeed. We have posted a public interest statement (here) for the VCAT judge to consider.
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