Formula 1 has announced that Melbourne shall remain the home of the Australian Grand Prix until 2025, extending the venue's original contract by two years.
The coastal capital of the southeastern state of Victoria has been on F1's schedule since March of 1996, when it took over from Adelaide which had hosted the race for over a decade.
Next year will mark the 25th anniversary of the event held at Melbourne's Albert Park circuit, a popular destination for F1 fans enhanced by the Australian Grand Prix's now traditional status of being the season-opening round of the F1 World Championship.
"The decision to extend the current relationship for a further two years stems from the fact this event has proved to be a resounding success for the capital of Victoria, for Australia and indeed around the world, proving immensely popular with fans and those who work in F1," said F1 CEO Chase Carey.
"Working along with our partner, the Australian Grand Prix Corporation, we plan to make the Australian Grand Prix even more exciting and spectacular, as a sporting event and as a form of entertainment.
"Today’s announcement follows on from last week’s, relating to the British Grand Prix and is proof that more and more promoters are sharing our long-term vision for the future of F1."
Martin Pakula, the Victorian minister for tourism, sport and major events, added:
"Beyond the direct benefits to Melbourne and Victoria arising out of F1’s decision, he contract extension until 2025 also provides benefits and confidence for Victoria’s events industry and the associated supplier base to the AGPC.
"Additionally, it provides the AGPC with opportunities to further enhance and develop the event for the benefit of all fans and lovers of the sport of F1."
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