17 Nov 2010

Melbourne may pull the plug on Formula One

6:48 pm on 17 November 2010

Melbourne may not continue to host the Australian Grand Prix after the current contract runs out in four years.

This year's race lost almost $NZ64 million and it's posted losses of more than

$NZ50 million for the last three years.

Victoria's Labor goverment is up for re-election this month and the Opposition has questioned whether the taxpayer should continue to pay for the losses so Premier John Brumby isn't making any commitment beyond 2014.

The race has been held at a street circuit in Albert Park since 1996, replacing a similar temporary track in Adelaide used for the previous 11 years.

Formula One isn't short of venues though and will have 20 races next year after the Indian Grand Prix joins the schedule.