The Australian Formula 1 Grand Prix Albert Park in Melbourne will remain on the circuit until at least 2035 after the signing of the 10-year extension outside the current agreement.
Formula 2 and Formula 3 will also join the event program from 2023, added an accompanying release.
Tourism, Sports and Events Minister Martin Pakula today announced the extension of the contract; Victoria is the longest extension since the 1996 Grand Prix from South Australia.
“The Australian Grand Prix has never been bigger, with more than 419,000 people flocking to Albert Park for this year’s race,” Mr Pakula said.
“We know how important this event is to our economy and that’s why we’ve delivered the longest extension for the race since it was held in Melbourne.”
CEO of the Australian Grand Prix Corporation Andrew Westcott said the announcement “gives us a rich history of motor sport as well as a love of Melbourne’s big sporting events and aspirations for the next generation of Aussie racing stars”.
“We are proud of our strong relationship with Formula 1 and together we will develop the sport in Australia and the greater Asia-Pacific region. Everyone at the Australian Grand Prix Corporation looks forward to taking the Formula 1 Australian Grand Prix to new heights over the next 13 years, “he added.
The state labor government has demanded an impact assessment of F1 conducted by EY (Ernst & Young), this year’s event generated $ 92 million in direct costs to the economy and increased Victoria’s gross state product by $ 171 million.
Melbourne’s bars and restaurants were “buzzing with visitors and the number of hotel occupations was over 90 percent during the Grand Prix week in April”, event management added, calling the event “a powerful advertisement for Victoria.”
Formula 1 noted “significant investments” in improving Albert Park Circuit and facilities over the past two years, and stated that further improvements, including Paddock and Pete Lane, were planned “to continue the modernization of the circuit”.
The date for next year’s Australian Grand Prix will be “on time” and once the 2023 calendar is finalized, it will be subject to approval by the World Motor Sport Council, F1 added.
Formula 1 President and CEO Stefano Dominicali said he was “delighted to confirm that the Melbourne and Albert Park Circuits will be on the Formula 1 calendar until 2035”.
“Running has always been a favorite for fans, drivers and teams and Melbourne is an incredible and vibrant international city that is a perfect match for us to play.
“This year we have seen huge crowds and enthusiastic fans at the Grand Prix, and we are very excited about the future of Australia as our game continues to grow.”