Ernst and Young will undertake a comprehensive economic impact assessment of the 2011 Australian Formula One Grand Prix.
Minister for Tourism and Major Events Louise Asher said the Australian Formula One Grand Prix provides significant benefits for Victoria including the economic gains of attracting interstate and international visitors to the event, as well as encouraging future tourism and business investment by raising the profile of Melbourne and the state of Victoria.
The Brumby Labor Government re-negotiated the Grand Prix contract that was initially signed by the Kennett Government.
Melbourne is contracted to host the Australian Formula One Grand Prix until the end of the 2015 event.
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