Melbourne’s Formula 1 Grand Prix cost Victorians almost A$62M ($45M) in '15, but the government said that is "the price of international exposure," according to the AAP. Expenditure "again dwarfed revenue in 2015, forcing the state government to fork out" A$61,735,000 ($44,540,000) to cover the difference. Victorians have covered A$279M ($201M) in losses since '11, but the government "stands by the cost of the four-day event." Government frontbencher Richard Wynne said that it brought "interstate and international visitors to Melbourne, and the city received global exposure." Wynne: “I don’t think you can buy that sort of exposure. If it’s good enough for [NSW premier] 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.” Strong sales in "corporate hospitality and sponsorship drove revenue growth" of 4% to A$39.8M ($28.7M). However, that "failed to cover even half the cost of putting on the race," which climbed above A$100M ($72M) for the first time. In September, the state government "extended the contract for the Melbourne race until 2023." The Australian Grand Prix Corp. "estimated the 2015 crowd at 296,000." The national TV audience for the race "peaked at 3.82 million" (AAP, 10/22).
