THE Queensland Government and Red Bull Air Race supremos are in talks to lure the lucrative event to the Gold Coast, The Gold Coast Bulletin reports.
The event, which features displays of high-speed aeronautical acrobatics, has long been coveted by the city's events and tourism officials because it attracts an international television audience of millions of people.
The Broadwater has been discussed as the site for a potential race due to its picturesque nature and the Surfers Paradise skyline in the background.
Government officials travelled to Sydney in March for talks with air race organisers, The Gold Coast Bulletin reported.
A senior council source confirmed the Gold Coast had been involved in bidding for the event.
But he said Premier Campbell Newman's tight rein on the budget had put the process on hold.
"It would be a good event to snare. It's been watched by millions of people around the world," he said.
There is tough competition to host the Australian leg of the event, with Perth, Sydney and Melbourne all believed to have rival bids in place.
It had previously been held in Perth from 2006 to 2010, but there was no event in 2011 or this year as the series is being revamped.
According to figures from the WA Government, more than 300,000 people attended the inaugural Perth air race in 2006, which pumped $14 million into the local economy.
A spokeswoman for Queensland's Tourism and Major Events Minister Jann Stuckey said Events Queensland was not involved in a bid for the 2014 air race, but could not rule out other years.
"The Newman Government is committed to major events on the Gold Coast as part of our plan to make Queensland Tourism number one again," she said.
"The budget outlining our funding commitment to events will be handed down next month."
Pilots in the event fly through a track of inflatable air gates and reach speeds of up to 370km/h.
It is watched by millions of people in more than 100 countries.
In 2010, former Events Queensland boss John O'Sullivan confirmed luring the famed race to the Sunshine State was on the agenda.
"We are looking at a number of events, not just for the Gold Coast but also for Queensland and certainly the Red Bull Air Race is one of those we are looking at," he said.
