Annual Report 2011 Australian Grand Prix Corporation

in Formula 1. Melbourne is the only Formula 1 circuit to have the privilege of this signage.When one compares the global exposure Melbourne receives from hosting a Formula 1 race to othermajor sports, there is no relative comparison.Our board acknowledges the continued generous contribution from the Government and compares itwith confidence against the confirmed economic, branding and industry benefits the Grand Prix providesto the State. When one takes into consideration that the cost of staging the Australian Open Tennis eachyear is estimated to be approximately $90m to fund the infrastructure investment alone there can be nodoubt as to the value for money provided by hosting the Formula 1 Australian Grand Prix in Melbourne.As recently stated by renowned Formula 1 journalist, Joe Saward, there are always going to be thosewho will argue that taxpayers should not be investing in Formula 1 races, largely because they eitherdon’t understand the benefits that the race brings – or choose to ignore them for political reasons. Thefact is that a Formula 1 race generates revenues of many different kinds for a region, in addition toattracting visitors and business.Cities spend far more to pay for an Olympic Games or a World Cup. London is spending as much as$15 billion on the 2012 Games. These will put the city in the global spotlight for a fortnight and will leavebehind some facilities. By comparison, Melbourne continues to be prominent on the international stagethrough the successful hosting of the Formula 1 Australian Grand Prix for a fraction of the cost.2010 IVECO Australian Motorcycle Grand PrixThe Australian Motorcycle Grand Prix is one of the biggest annual regional sporting events in Australia. Itprovides a significant boost to local tourism and attracts fans from all over Australia and across the globe.The Phillip Island circuit is blessed with breathtaking scenery, panoramic ocean views and great spectatorviewing all around the track. As one of the faster, more fluid tracks on the MotoGP calendar, it is not hardto see why the Island has a reputation for being one of the most unique destinations on the internationalcircuit.Strong winds and rain at Phillip Island meant that the event was not for the faint hearted, but in the truecharacter of the Island, the weather improved and by race day the clouds had vanished, leaving anemerald green circuit between blue sea and sky.A resilient crowd estimated at 88,000 enjoyed the action at the Island over the three days, demonstratingthe appeal of this world class event.Weather aside, there were many reasons for Australian fans to love what happened at the 2010 IVECOAustralian Motorcycle Grand Prix at Phillip Island, and many of them go by the name of Casey Stoner.On his 25th birthday, Stoner and his Ducati claimed pole position for the third straight year at the track hehas made his own and on race day he destroyed a MotoGP field full of World Champions to win his fourthstraight home race.While Stoner eclipsed the newly crowned World Champion Jorge Lorenzo, who finished over eightseconds behind, it was Lorenzo’s then team-mate Valentino Rossi who yet again provided many of theracing thrills for the strong Sunday crowd estimated at just over 41,000.Starting from eighth on the grid, Rossi powered his way through the field to be third at quarter-distance inthe 27-lap race. But Nicky Hayden on the second factory Ducati bike had other ideas and the Americanpowered past with just two laps remaining.4Australian Grand Prix Corporation Annual Report 2011