Labor MP Michael Danby has proposed that Melbourne government should write off the annual Australian Grand Prix, the city had agreed to host since 1996.

Citing the skyrocketing expenses spent by the government and the residents’ growing discontent sentiment over the formula one race, Danby reiterated that it is high time to scrap the annual event.

Danby’s Melbourne ports electorate includes the grand prix circuit. Quoting the report by the Australian Associated Press, The Age noted that Danby had initiated a survey asking residents about their take on the annual race and found out that a 10-1 ratio of the 600 respondents want to ditch the event.

Danby also underscored that the Melbourne residents have grown tired of the noise that usually lasts from three to four days. He said that his constituents are ‘sick of blocked access to roads and loud noise from cars, crowds and flyovers’.

But more importantly, Danby emphasized that the Melbourne government is spending too much on the annual formula one race and the taxpayers are paying all the price.

“The grand prix may have been a good deal in 1996 when it cost the government only $1.7 million, but with falling crowd numbers and taxpayers footing a $50-million-a-year bill, the state government should know to cut its losses and walk away,” Danby was quoted by the AAP as telling the House of Representatives.

“Raising costs, dwindling crowds, fed-up local residents, an ambivalent Melbourne mayor, no more F-18 flyovers… to me everything points to Melbourne saying ‘thanks for the memories’ but gracefully declining to renew the grand prix contract, especially since it costs the taxpayers of Victoria $50 million,” Danby said to further make his point.

Lord mayor Robert Boyle has also called on for a replacement of the annual event last month, saying the cost to hold the annual event was expensive.

Melbourne had agreed to host the annual grand prix until 2015. This year, the event is slated from March 24 to 27.

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