Edited sentence: $17 million of Canberra taxpayers' money were spent on the V8 Supercar series, in which five races were to be staged on the roads around the Parliamentary Triangle.Despite forecasting that the race series would provide the ACT economy with $52 million profit, after only 3 races were staged, the Auditor-General found that the series had in fact cost taxpayers $29 million.Despite the large investment and the disruption that this series caused to the lives of Canberrans, the ACT Auditor-General found that many of the promises that the series offered, including international television interest and international tourists flocking to the event, never eventuated.The Auditor-General found that the event was not telecast in any overseas countries.The Carnell Government had entered into an agreement with race organisers in which the ACT Government, and eventually ACT taxpayers, would bear all responsibility for financial risk.When the Australian Labor Party won government and learned of the losses sustained by ACT taxpayers from this event, it cancelled the last 2 rounds of the series and settled with race organisers to keep the taxpayers from the burden of further losses which would be incurred if the race series were to continue