50.2 million % by about 5 million people = about $10 a year per person. or more realistically about $20 a year for the people that actually pay income tax. most tax paying people can afford that over 1 year, it is 40c a week, when many pay over $500 a week for rent and $100 a week for alcohol, and dine out at resteraunts every week.
An easy way to make the money, is with the voluntary tax that is "Speeding fines" take 0.5% of every fine issued and it will pay for the event.
$50 million is not a lot of money for Victoria, this is just political, and the opposing sides will want the race gone. but having the race is better then not having the race for the state, so it will stay, unless 1 or 2 up-etty poleticians get there way to try to further their career ahead of 5 million people.