Australian Grand Prix F1 race loses $40M

The 2008 Formula One Grand Prix in Melbourne suffered a record $40 million loss, figures reveal.

Taxpayers again had to prop up the struggling event to the tune of $40.1m, the Australian Grand Prix annual report shows.

The report, tabled in the Victorian Parliament today, also shows the MotoGP race had a loss of almost $4m.

Revenue for the FI Grand Prix was down marginally from the 2007 event, while expenditure soared by more than $5m.

Overall losses exceeded the previous year's deficit by more than $5m.