With large fenced off areas and construction works already taking over Albert Park Reserve, the latest Annual Report of the Grand Prix Corporation (AGPC), belatedly tabled in State Parliament last week, shows a big increase in the cost of setting up and removing all the temporary race infrastructure in Albert Park every year. In 2025 it cost Victorians a staggering $75 million, up nearly 22% on 2024.
One wonders how much more manageable the cost of the event could be if it was re-located to a permanent venue, such as Avalon. And that’s before taking into account the massive disruption to Port Phillip residents and Albert Park users caused by vehicle movements, road and area closures, and loss of access to facilities over five months of the year.
The report does reveal that racegoers are making a bigger contribution toward the cost of the event. Revenue from ticket sales went up 22% to $113 million in 2025; and this figure will likely increase similarly again next year, with further hikes in ticket prices for the 2026 event in March.
But that didn’t stop the GP being an even bigger drain on Government resources last year. Total contributions to the Grand Prix from the hard-pressed Spring St coffers were up 15% to $113.1 million. And that’s excluding another $1.85 million paid through the Department of Transport for free trams during the event.
Government funding for the Grand Prix is expected to increase significantly in the current and upcoming financial years, as it pays something in the order of $350 million for a new and much larger Pit Building and corporate facility, known as the Paddock Club. Sadly, once this project is completed in 2028, management of the Club (which has been one of the few profit-making functions in the AGPC’s hands) is being handed over to the US-based Formula One organisation, which will trouser those profits. Media reports have estimated the net cost of this change at about $30 million a year.
Lockout dates revealed for GP 2026
Event dates: 5 March – 8 March
Albert Park Closed to Public: 23 February – 15 March
(extended Race Period)
Albert Park Closed to Public: 3 March – 9 March
(Race Period)
Golf course closed: 21 February – 6 March
