Melbourne F1 cost Victoria $61m in 2016

The four-day Australian Formula One Grand Prix still cost Victorians $61 million in 2016 despite spending on the event shrinking.

Documents released on Thursday show taxpayers covered about two in every three dollars it cost to hold the event in March.

Expenditure dropped six per cent from the previous year but a similar slide in revenue meant Victoria was left writing a cheque almost as high as the record $61.7 million for the 2015 Grand Prix.