New venue for Australian GP?

The Victorian Government has dismissed claims it has spent $250-million securing the Australian Formula One Grand Prix until 2015.

The New South Wales MP Ian Macdonald revealed in Parliament what he says is the cost of the new deal signed by the Victorian Government.

Earlier this year, the Victorian Premier, John Brumby, refused the say how much the new five-year contract cost.

The event cost the state $35-million last year.

A Victorian Government spokesman has rejected the MP's claim as ridiculous speculation.