Cost of big races revealed right at the finish line

Hundreds of millions of dollars have been spent propping up major Victorian sports events and a state logging business, overdue documents show. More than 60 annual reports were tabled in Victorian parliament on Thursday, the final sitting day of 2024. The Australian Grand Prix Corporation annual report revealed the four-day Formula One event at Albert Park cost Victorians taxpayers $102.3 million. The result was slightly worse than 2023's loss of $100.6 million. Expanding from three to four days, the 2024 Formula One extravaganza drew a record crowd of 452,055 and boasted its highest-ever Friday, Saturday and Sunday attendance totals. Racegoers' average spend on activities outside of the grand prix was $1235 and 92 per cent of visitors stayed in paid accommodation at an average of four and a half nights. In comparison, the 2023 Australian Motorcycle Grand Prix at Phillip Island posted a $26.1 million loss - down from $27.3 million in 2022. Corporation chair and former state sports minister Martin Pakula said both events made "substantial contributions" to Victoria's visitor economy, but opposition spokesman Sam Groth said the headline offering was not "living up to its potential". Victoria has a confidential deal to host the Australian Grand Prix until 2037. The cost of winding up Victoria's native timber industry six years earlier than planned also continued to lighten the public purse. State-owned logging company VicForests spruiked a $53 million "net profit", courtesy of a $177.2 million taxpayer contribution. If not for a $107.7 million "refinancing grant", its annual report stated the now-defunct business would have reported a net loss of $54.7 million. The state has paid more than $340 million to VicForests during the past two financial years, according to the company's financial report. Stand-down compensation for haulage contractors was $41.9 million in 2023/24, on top of $40.8 million the previous year, while termination benefits for its employees totalled $4.9 million. Another $7.39 billion in gambling losses was racked up by Victorians in 2023/24, the state wagering watchdog's annual report revealed. That was almost on par ($7.4 billion) to the previous 12 months, as the number of venues with pokies dwindled from 485 to 481 and complaints about the industry rose 11 per cent to 879. Only one of two Victorians (51 per cent) had trust in Victoria's environmental regulator following widespread asbestos contamination found in Melbourne parks. The outcome was well below the regulator's 70 per cent target, with its annual report noting community awareness and trust was "heavily influenced" by major incidents and news coverage. More than $1 million worth of fines were handed out for underquoting properties for sale over the 12 month period, according to Consumer Affairs Victoria's 2023/24 report. Demand for rental reviews jumped 37 per cent jump in 2023/24 following a 122 per cent rise in 2022/23. In the Supreme Court, double the number of criminal juries were discharged, rising from eight to 16 in 2023/24. Its annual report showed an 18.8 per cent rise in the number of accused opting to bypass the magistrate's court committal hearing stage to fast-track their cases to the higher court. Some 131 annual reports for public bodies were delayed past the legislated deadline of October 31. Victorian Auditor-General Andrew Greaves called for the Department of Premier and Cabinet to reconsider its tabling schedule to reduce the "information burden" on MPs and the Victorian community, a suggestion the department rejected.