V8 Supercars secured until at least 2016

THE V8 Supercars events in Queensland will continue, albeit on a tighter budget.

After months of deliberations and lingering doubts, the Queensland Government and V8 Supercars reached an agreement to secure the Ipswich, Gold Coast and Townsville events until at least 2016.

Premier Campbell Newman would not reveal a dollar figure and cited commercial-in-confidence arrangements.

But it was reported on Tuesday the $9.3 million in annual government funding had dropped to $7.3 million.

Mr Newman said there had been very robust commercial negotiations and acknowledged some funding had been cut.

"We have achieved a result which is an improved position for the Queensland taxpayers," he said.

"We have made sure we get value for money and that was always important for myself and cabinet, particularly the Treasurer.

"I do say we have a better deal. The other thing is we are ensuring we look at the actual benefit tat Queensland gets."

Mr Newman said the state Auditor-General would carry out individual audits of the economic benefits and event attendance.

"Its a better deal because the dollars have been reduced that we are putting in and we are ensuring there is a independent evaluation, that will be reported to Parliament, of the economic value of V8s to Queensland," he said.

The focus will also widen to building up sideline events to boost attendances.

Tourism Minister Jann Stuckey said the supercar events were responsible for almost 200,000 visitor nights in Queensland and pumped $60 million into the economy.

"And of course let's not forget the jobs that are located on the Gold Coast and at each event when they happen," she said.

The V8 Supercars will head to Ipswich this weekend.

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