Victorian taxpayers to fork out eyewatering amount to give high-end F1 ‘Paddock Club’ a facelift

Pressure is growing on government to spill the beans on exactly what the Formula 1 Grand Prix is costing Melbourne and Victoria.

It comes following fresh reports taxpayers will now chip in another $160 million to give the high-roller “Paddock Club” in the high-end hospitality area a facelift.

Economist Rod Campbell, research director at the Australia Institute, has previously been commissioned by the Save Albert Park group and has spent years assessing the cost-benefit of Melbourne having the big event.

“If people want to have the Grand Prix because they like the Grand Prix, that’s fine, just don’t say it’s good for the economy – it’s not,” he said.

Press PLAY below to hear him explain why

(Photo by Clive Mason/Getty Images)