Report: Cancelled 2020 Australian GP cost government £22.5m

With all the teams and drivers present, the race was cancelled at the last minute after McLaren personnel tested positive for COVID-19.

The event was cancelled on Friday 13 March, with spectators already beginning to arrive for the start of free practice one.

Everyone that bought tickets was refunded, while costs had been incurred in building the circuit and marketing the event.

The 2021 race was due to open the season on March 21 but was postponed until November due to quarantine restrictions within the state.

Regarding this year's race, the Australian Grand Prix Corporation said in a statement: “AGPC is progressing plans for the 2021 Formula 1 Australian Grand Prix under a range of scenarios to ensure the safety of participants, staff, contractors and attendees."