If you don't mind a higher budget, you can travel to the Albert Park Circuit by helicopter.
The fastest and most convenient way to reach the Australian Grand Prix is by helicopter! Skip the traffic and public transportation by flying in luxury between the city and the circuit.
PHS provides charter helicopter flights from their base at Moorabbin Airport directly to the Albert Park Circuit. You can book the tickets here.
Costs
One-Way flight: $380 per person
Round-Trip: $525 per person
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