Australian GP costs taxpayers $50m

This year’s Australian grand prix cost taxpayers almost $10 million more than the previous Melbourne race.

The 2010 loss tips the scales at $49.2 million, more than double the loss of 2006, according to a report in The Australian newspaper.

The figure emerged in the Australian Grand Prix Corporation’s annual report, insisting the global financial crisis continues to have a "significant impact" on the Albert Park event.

Additionally, a further $7.8 million will be spent on improvements to the venue, located around public parklands south of the city.

Ten years ago, the race lost less than $4m annually.