Grand prix boss cashes in after government ignores salary advice

The discrepancy between the $600,000 pay packet approved by the tribunal and the $680,000 to $690,000 Auld is paid was revealed in the AGPC’s 2024 annual report, tabled to parliament in November.

It also detailed that Auld earned as much as $179,000 more than what his predecessor, Westacott – the longest-serving Australian Grand Prix chief – earned the year before.

The AGPC referred questions about Auld’s salary to the government. A government spokesperson did not answer questions about the increased salary or why it went against the advice of the tribunal, but said: “Getting the best people is essential to remaining the major events capital of Australia – these events bring people from across the globe, boosting jobs and businesses and contributing to our $39.2 billion in tourism spend.”

The sweetened pay packet for the former AFL CFO follows revelations that Victorian taxpayers forked out a record $130.1 million to fund the body, up from $120.2 million in 2022-23.

Newly minted deputy opposition leader Sam Groth questioned why the government approved the salary increase while it wrangled the biggest debt pile in the state’s history.

“With the Grand Prix running a more than $100 million loss last year, the Allan Labor government must explain why the new CEO will receive tens of thousands of dollars in top-up salary payments.

“Whilst frontline Victoria Police officers are being denied a fair pay rise, some of Victoria’s most highly paid executives continue to score pay deals well above the standard salary bands.”

The most recent budget update forecast Victoria’s net debt would hit $155.2 billion this financial year and $187.3 billion by June 2028.

In his first year as chief executive, Auld improved the AGPC’s net operating balance, posting a $4.7 million loss. In 2023, the corporation reported a $35 million loss.

An analysis of the AGPC’s annual reports reveal that in the last 10 years, taxpayers have forked out more than $1 billion to fund the body.

The state government has defended the amount it spends on staging the F1 grand prix for nearly as long as it has hosted the event, which it nabbed from Adelaide in 1996.

In 2023, a government-commissioned report conducted by auditing giant EY found the event delivered direct expenditure of $144 million for the state.

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