The 2015 Australian Grand Prix cost Victoria taxpayers AUD$62m (£30m).

Since 2011, the event is understood to have cost Victoria taxpayers AUD$279m (£130m), but Minister for Planning, Richard Wynne, says it brings international exposure to Melbourne along with interstate and international visitors.

"I don't think you can buy that sort of exposure," says Wynne, according to the Western Australian.

"If it's good enough for Mike Baird to try and steal it off us and make it one of his election commitments, I think it speaks well of the grand prix being part of Melbourne's landscape," he added, referring to the NSW Premier who wants the event for Sydney.

Despite almost 300,000 fans attending the race weekend, strong hospitality sales and sponsorship, revenue was up 4% but this still failed to cover even half the AUD$100m (£46.6m) cost of staging the event.

"The government knows the case for this event doesn't stack up, which is why they refuse to make the contract public or force the event to accurately count attendances," said Victorian Greens MP Sue Pennicuik.

Last month, organisers announced a new deal which keeps the race in Melbourne until 2023.

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