Three decades ago, then Premier Jeff Kennett told Victorian taxpayers that we would not be asked to meet the cost of the grand prix. Yet the four-day Formula 1 car race has been a financial car crash for Victorian taxpayers. So far, we have paid $1 billion to host this car race, and the bill is growing by more than $100 million each year. Rather than apply the hand brake, the cash-strapped Victorian government has now promised $350 million to a multi-billion dollar company to construct a pit building and corporate facility in the Albert Park Reserve. When will this lunacy stop?
First published as a letter to the editor, The Age, on 24 July 2025