Record price tag for 2022 Australian F1 GP

The 2022 Australian Formula 1 Grand Prix attracted a record crowd but came with a $78.1 million price tag for Victorian taxpayers.

The Australian Grand Prix Corp annual report, tabled in state parliament this week, shows this year's event at Albert Park cost $153.2m to put on and generated $75.1m in revenue.

To balance the books, the Victorian government coughed up $78.1m - an increase from $60.2m in 2019 and $56.5m in 2018 for the last pre-COVID pandemic events.

State taxpayers have now paid $537.5m over the past decade for the event after it moved from Adelaide in 1996 under a deal brokered by the Liberal Kennett government.

An estimated crowd of 419,000 flocked to Albert Park across four days in April, the largest in Australian Grand Prix history.

Chair Paul Little declared the event a raging success after a two-year absence, including its 11th-hour cancellation in 2020 as COVID-19 arrived on Australia's shores.

"The event represented the revival of Victoria's tourism sector, providing a major boost to local business and lifting Melbourne and Victoria's profile around the world," he wrote.

"The changed demographic of the crowd, with a younger and more diverse audience, showed the appetite for the return of major events and the impact of Netflix's Drive to Survive series."

The Victorian government reached a deal with the Formula 1 to keep the event in Melbourne for another 10 years beyond its current contract to 2025.

Another two-year contract extension was announced last week, guaranteeing the grand prix will remain in Melbourne until 2037.

A cost for the contract extensions was not provided.

A further $8.5m was set aside by the state government to pay for October's Australian Motorcycle Grand Prix at Phillip island, which was run after the 2021/22 financial year.