Saturday June 24th, 2000

More than $70 million was injected into the economy of the Australian state of Victoria by this year's Australian Grand Prix.

The Victorian State Government is set to release information which shows this year's race created up to $18 million more economic activity than first Australian Formula One Grand Prix held in Melbourne in 1996.

Australian Grand Prix Corporation chairman Ron Walker wouldn't reveal the size of the windfall, but said that good weather and more overseas visitors improved the situation this year. "Ford, for example, brought out 300 people from around the world for the launch of Jaguar", said Walker.

The information set to be released in two weeks time is from a survey by the National Institute of Economic and Industry Research, and is the first Grand Prix studied since the inaugural 1996 race.