Tom Elliott says Victorians deserve to know how much they’re paying to keep the Formula 1 Grand Prix in Melbourne.

It comes after the government announced a 10-year extension of the deal after the current agreement ends in 2025.

“The state government has estimated the grand prix brings in around about $92 million of direct extra spending, and it’s broad economic effects are two, to three, times that,” Tom Elliott said on Thursday.

“Now, if we are paying less than $90 million, you could sort of argue it’s probably worth it, but we don’t know.”

Tom Elliott said there was no doubt a “bigger picture” argument to make when justifying the cost.

Press PLAY below to hear his reaction to the deal

Not everybody is happy about the announcement.

Hugo Armstrong, President of the Albert Park Community Sporting Tenants Association, said it was a “pretty sad day” for some residents.

“It just causes absolute havoc for the thousands of people who play community sport, or just engage in passive recreation in and around Albert Park,” he said.

Press PLAY below to hear the full interview

Picture: Getty iStock