Australia's Grand Prix in Melbourne sets taxpayers back to the tune of $50 million, while the event raises between $32 - $39 million.
But the Victorian government defended the overall loss to the state, saying that there were further benefits to the profile of Melbourne throughout the year, which came from hosting a Grand Prix.
Melbourne's Grand Prix contract expires in 2015 and new negotiations will begin the year before.
Tourism and Major Events Minister Louise Asher said she believes they will get a better deal for the city next time they negotiate with Bernie Ecclestone.