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2nd November 2007

Australian media reports suggest that the Formula One Australian Grand Prix could move from its current venue in Albert Park, Victoria to a street circuit in Surfers Paradise, Queensland after 2010.

The contract to stage the race in Melbourne expires in 2010 and its future in the city was placed in doubt by the recent publication of figures for the 2007 race which show that it made a AUS$34.5 million loss.

Surfers Paradise has staged a round of the US based Champ Car World Series since the early 1990s but the viability of this series is now in question.

Queensland Events Corporation chairman Des Power has been quoted as saying that Formula One representatives had approached the Queensland Government 'some time ago' with regard to a F1 race in Surfers Paradise.

Power said, “It was a clandestine approach but the price tag was enormous. If we were again approached by F1, obviously in collaboration with (Champ Car race) chairman Terry Mackenroth, any proposition would have to be given appropriate consideration."

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