Lol. Melbourne, home to the following annual events:
Formula One Grand Prix
Australian Motorcycle Grand Prix
AFL Grand Final
Boxing Day test match
ISAF World Cup Sailing
Melbourne Ironman, 1 of 7 legs in the world
Rip Curl Pro Bells Beach, Bells Beach being one of the best surf beaches in the world.
Then throw in the AO, then throw in all the other one off events such as the Presidents Cup in 2012, the FINA World Swimming Championships in 2007, the World Cycling Championships in 2010 and everything else, and quite frankly, you have no idea.
Melbourne has been voted the sporting capital of the world numerous times and by more than one org. Link:
So pardon Melbourne if it has to budget a bit. Recently made news that it forks out 30 million a year just to host the F1 GP, but according to Bernie Ecclestone, that's about right so go figure.