The Australian state government of Victoria "wants to revitalize the Australian F1 Grand Prix in Melbourne and make the race more cost efficient," according to Falko Schoklitsch of MOTORSPORT MAGAZIN. For fans and teams, the Australian Grand Prix "is definitely one of the highlights of the season due to the relaxed and casual atmosphere in Down Under." However, the race "is a rather unpleasant item for the state government in regards to economics." The losses from F1 increase year after year. Therefore, the government "has presented plans to revitalize the grand prix." Details of how the revitalization should look "have not been revealed, but it is expected that they primarily consist of marketing initiatives." Not included in the plans are a "relocation of the race away from Albert Park, as well as a night race," which F1 CEO Bernie Ecclestone would like to see. A government spokesperson said, "The government, together with the Australian Grand Prix Corporation, is looking for ways to improve the marketing and promotion of the event around the globe." According to last year's annual report, the '12 edition of the race lost A$57M. Revenue of A$36M stood opposite expenditures of A$93M. The race's current contract with F1 expires in '15 (MOTORSPORT MAGAZIN, 1/22).
Australian Grand Prix Corp. 2012 Annual Report.
