The future of the Australian Grand Prix beyond its current 2015 contract has been the subject of a lot of speculation lately. In an article published by the Herald Sun, Melbourne Lord Mayor Robert Doyle was openly critical of the event, suggesting it had served its purpose and is no longer needed.

Doyle's comments were designed to spark a reaction from Bernie Ecclestone, deliberately labelling the sport's supremo "notoriously difficult, contentious and cranky." Already unpopular, Ecclestone's retort did not endear him or the race to the Australian public.

Not that it matters a great deal to Ecclestone. With countries such as Russia, India, the United States and others all poised to host Grands Prix in the near future there are no shortage of alternatives should Melbourne decide it has had enough. The question is, however, has Australia had enough?

Attendance figures at Albert Park have been steady over the past few years at around 300,000 across the weekend. There are some questions over just how that figure is calculated, but in the absence of an alternative we'll take it as fact. That figure is down from a few years ago, though comes nowhere near the 510,000 people who walked through the gate at the final Australian Grand Prix in Adelaide back in 1995. But while attendance figures remain stable the cost of hosting the event increases, meaning rate of return has to decline. The event is costing the Victorian tax payer more and more, and many have simply had enough.

In his article Doyle suggested the Grand Prix find a new home. He has a point, after all the Albert Park circuit is a temporary street circuit which isn't cheap to set up and pull down each year. And with the race now being held at dusk it is becoming increasingly unpopular with both drivers and locals.

The idea of holding a Grand Prix elsewhere is an interesting idea, though the fact of the matter is there really is nowhere else to move the race to. Australia doesn't have an F1 quality race track and lacks the interest to build one.

One of Doyle's suggestions was to build a circuit in Avalon, an area near Geelong about 90km south west of Melbourne. The site has land available for a circuit which is currently leased by transport magnate Lindsay Fox. It was implied that perhaps Fox might wish to front up the cash for a new F1 spec venue alongside the Avalon airport. Even a race around the streets of Geelong was suggested, with the Geelong Esplanade featuring predominantly in the circuit layout.

Local media seized on the idea and quoted government and council officials as being in favour of the plan, though in reality it's not something that would ever happen. When contacted by Pitpass a spokesman for the City of Geelong ruled out a race around the city itself, and Fox didn't make his money by spending it. Given that in Geelong the race would remain in Victoria, and that the government is already under pressure regarding its future, there seems little chance it would be willing to pursue the idea unless it was funded by private investment.

Similarly Pitpass reported in September that Calder Park, also in Victoria, was being touted as another potential host for the Grand Prix. At the time circuit owner Bob Jane was investing in the circuit to return it to a state fit for racing, indeed after a number of years off the local racing calendar it returns for 2011 using a combined road and oval course. The circuit however is in no state for Formula One, and would also need heavy investment to bring it up to scratch. The circuit is hemmed in by new residential areas and it seems unlikely Jane will be looking to invest large sums of money when he can sit on the land before subdividing it off for almost a million dollars an acre in a few years time.