The race, which has been held at a street circuit in the city's Albert Park since 1996, lost A$34 million in 2007 and has posted losses in excess of A$40 million for the last three years.
"I know there's a range of views in the community and it is a costly major event, but we've got it until 2014," Brumby told ABC Radio. "We'll look at whether we go beyond that, I'm not making any commitment beyond that."
Brumby's ruling Labour party is up for re-election this month and the opposition have questioned whether the taxpayer should continue to pick up the tab for the Melbourne grand prix's losses.
