Talkin Sport - Rees approves V8 Supercar track

The New South Wales Government has given its approval for Sydney's Olympic precinct to become the venue for V8 Supercar racing, despite strong opposition.

Accompanied by a howl of boos from a small group of protesters, NSW Premier Nathan Rees has announced Homebush Bay will be the venue of the grand finale of the V8 Supercar championship series for the next five years.

The first race will be held in the first week of December next year.

The State Government says it is contributing $30 million to the staging of the race but expects a return of $100 million to the economy.

Mr Rees says he was forced to approve funding ahead of November's mini-Budget to avoid the risk of losing the event to another city.

The proposal has already been rejected by the Sydney Olympic Park Authority and is being opposed by local councils, residents and green groups.

The former planning minister, Frank Sartor, says he believes the proposal is a waste of money and the Government should be focusing on other priorities, like the North-West Metro rail line.

Opposition Leader Barry O'Farrell says Mr Rees has been saying for some weeks now that he cannot commit to anything ahead of the November mini-Budget.

"Mr Rees is prepared to hide behind his former words of not ruling things in or ruling things out when he's facing tough questions or when he thinks there is some positive media to be gained. He's prepared to actually rule things in," he said.

But the Premier says the race is a win for the city.

"This is a race that will attract some 15,000 visitors from interstate and overseas," Mr Rees said.

"It will attract around $100 million additional to our economy and will also provide direct employment of around 110 full-time jobs.

"I'm very excited. It's a great announcement. Even if V8 motor racing isn't necessarily your cup of tea, this is a great event for Sydney."

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