If you say it fast enough it can sound like a male appendage. And that is what it is and always has been. We supposedly won it from Adelaide. Plonked it in a sensitive street-scape, infuriated the local population, including the business owners, who initially thought it was going to be a financial bonanza, only to find themselves locked in and the punters all left their area and partied elsewhere.
All in all it has cost the state of Victoria a bucket load of money. Now running at around 30 plus million a year. The attendances have dropped, but we are not allowed to know by how much cause the organiser can manipulate the figures. They even count all the drivers as attendees.
The main winner is Bernie Eccelstone, he amasses his fortune running the F1 circuit. He appears to be a very greedy man. This now reflects in the way the F1 circuit is run.
The Melbourne grand prix has to renew it's license by the year 2010, and to win a further term it needs to allow night racing. Which of course would further infuriate the local population.
I believe most Melbournians have had enough of this polluting rich mans hobby, and will lobby their government to not sign up for another 10 years. Lets hope so.
Here is an article on this subject.