In addition to the direct costs in preparing their contestants, participanting countries also each share part of the overall cost of the Eurovision song contest, which this year amounts to 5.3 million euro, according to the statement.
Eurovision is a competition for (mostly) European countries in which both an expert jur and a popular vote decide which country's song ends up on top.
Bulgaria will not take part in the next edition of the Eurovision song contest to be held in Tel Aviv in May 2019, the public BNT broadcaster announced yesterday, citing financial constraints.
The Gold Coast has beaten Sydney and Melbourne to stage the first Eurovision: Australia Decides event.
Netta's victory means Israel will host the contest for a third time having previously staged the Eurovision Song Contest in Jerusalem in 1979 and 1999.
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SBS Acting Managing Director James Taylor said the staging of the selection event came by popular demand.
"As our country's passion for Eurovision continues to grow, we are inundated by fans wanting to have their say in choosing who represents Australia on the world's biggest stage".
Myf Warhurst said: "In 1994, a band now known as Silverchair won a competition run by SBS's Nomad program, with support from triple j, with their hit song Tomorrow - now an Aussie classic".
Hosted by Myf Warhurst and Joel Creasey, Eurovision - Australia Decides will showcase the best of Australian music and bring the nation closer to the Eurovision action.
First songwriters and composers are invited to submit original songs via the SBS website by Sunday, October 28.
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