Taxpayer assistance to the Melbourne Grand Prix was just more than $50 million in 2013, down nearly $6 million on the 2012 race, the government has announced.

Tourism and Major Projects Minister Louise Asher announced on Wednesday morning that the Victorian government contributed $50.7 million to the race in 2013 – in 2012 it was $56.5 million.

Ms Asher said the welcome reduction was due to $2 million worth of savings made by the Grand Prix Corporation and a $4 million boost to revenue.

Total revenue for the 2013 race was "a touch over $40 million", Grand Prix Corporation chief executive Andrew Westacott said.

Melbourne will host at least two more races in the F1 calendar and Ms Asher said she had asked Grand Prix Corporation chairman Ron Walker to begin preliminary discussions with F1 boss Bernie Ecclestone about the future of the Melbourne race beyond 2015.