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The Real Facts: Grand Prix deception exposed. This fact sheet demolishes all the false and misleading claims about the grand prix. Here is the proof
PR expert says “…the mumbled understatement approach has never permeated the thinking of those who support, fund or organise the Formula One Grand Prix at Albert Park”. Noel Turnbull gives free advice to government and grand prix spinners in his article “Hyperbole and how it detracts from credibility”.
And will Greg Baum’s latest article on the grand prix win him another Walkley?
More than a billion dollars of taxpayers money has been lost on the F1 grand prix and the new Albert Park masterplan process is planning a GP for another 25 years. This means we now face the prospect of several billions more in subsidies. Our attempt to list them are estimated here.
As the government did not follow the Auditor-General's recommendation to perform an annual cost-benefit analysis to determine if the grand prix is worthwhile, SAP commissioned Economists at Large (www.ecolarge.com) to update the A-G's cost-benefit analysis. They found the 2012 event resulted in a net economic loss to Victoria of $60.6 million. The report is here.
The government and the grand prix corporation have consistently refused to disclose under FOI any documents that can prove (or disprove) their claims of attendance. SAP has appealed to VCAT, asking for details of how they made up the attendance figures at last years race as they are far above those apparent from the audited ticket sales. The grand prix says revealing the truth would disadvantage them. Indeed. We have posted a public interest statement (here) for the VCAT judge to consider.
Report on the Report. Here is a full analysis of unsubstantiated claims published in the 2014 report from the grand prix corporation.
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