The cost to taxpayers of staging Melbourne’s Formula One Grand Prix has hit an all-time high of more than $102.3m – almost $1.7m more than last year.

Red Bull star Max Verstappen claimed his fourth world championship at this year’s event, where Formula One cars race down the famous Las Vegas strip at up to 366km/h with the city’s lights as the backdrop for a unique night-race spectacle.

The 2024 F1 Drivers' title has already been decided, but the race for top honors among the Constructors is still on.