Sep.16 (GMM) The state Victorian government has defended its record spending on the Australian grand prix.

It emerged on Thursday that now with an almost $50 million loss annually, the Melbourne race in 2010 cost taxpayers more than double the bill of just four years ago.

An independent MP called the figures "embarrassing" and "outrageous", but major events minister Tim Holding said formula one is worth it.

"The economic benefit to Victoria far outweighs the cost of staging the grand prix," he is quoted by The Age newspaper.

Albert Park is contracted to stay on the F1 calendar until at least 2015.

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