The F1 Grand Prix should undoubtedly be kept as long as it continues to bring international exposure to Melbourne, which is vital to our tourism industry. Would be happy to see it moved to Phillip Island though, just so long as we don't lose it!
I don't care much for it, but you have to replace it with something I guess.
They could rebuild the Swagman and bring back Cabaret to the Masses. And don't forget "The Swagmans" world famous smorgasbords...mmmmm
If that doesn't fill the gap for Victorian tourism with the loss of the grand prix, then I don't know what will.