The industry body is urging the ACT government to examine the benefits of bringing the series back to the capital, almost a decade since drivers last raced through the Parliamentary Triangle circuit.

In a submission to the 2012-13 budget, the association stated that hosting regular major events such as the V8 Supercars was the most effective way of ensuring the ongoing success of the accommodation industry.

But the association's chief executive officer Richard Munro said the return of the high-powered event would benefit the wider community as well as hoteliers.

''It's a job creation package,'' he said.

''It will also bring a media focus to the ACT. The V8 Supercars is one of the most watched events on television.''

The series garnered an estimated global television audience of 80 million when it first aired from the capital in 2000 and sold more than 57,000 tickets.

The ACT government initially signed a five-year deal to stage the event with the sport's governing body AVESCO, but the series was canned after three years amid financial and environmental concerns.

Despite this checkered past, Mr Munro said the government should conduct a feasibility study into the benefits of hosting a leg of the series in the capital.

Mr Munro said the association also wanted the government to ensure sustainable land release in order to avoid a glut of rooms in the ACT.

''We don't want to see a flood of accommodation providers on the market,'' he said.