MELBOURNE, Jun 16: The Andrews Labor Government has secured the long-term future of the Formula 1® Australian Grand Prix in Melbourne – with the world’s top motorsport category to continue racing at Albert Park until at least 2035.
Minister for Tourism, Sport and Major Events Martin Pakula today announced the extension of the deal to host the race for a further 10 years after the current contract ends in 2025.
The Labor Government has negotiated the longest extension since the Grand Prix was brought to Victoria from South Australia in 1996.
A recent economic impact assessment of the Formula 1 Australian Grand Prix 2022, conducted by EY, estimates that this year’s event generated $92 million of direct spending in the economy and boosted Victoria’s Gross State Product by $171 million.
Crowd numbers show the appetite for Formula 1 racing in Victoria is strong, with this year’s estimated attendance a record-breaking 419,000 across the four days. Melbourne’s bars and restaurants buzzed with visitors and hotel occupancy peaked at more than 90 per cent during Grand Prix week in April.
Images of Melbourne and Victoria’s regions were seen by over 3 million Australians and millions more around the globe – a powerful advertisement for Victoria.
The new agreement will result in Melbourne enjoying hosting rights for the Australian Grand Prix for a total of 40 years since the event moved to Victoria in 1996.
To add to the international appeal of the Formula 1 Australian Grand Prix, Formula 2 and Formula 3 racing will be added to the event from 2023.
Major events generate economic benefits of around $2.5 billion a year to Victoria’s economy, with Melbourne proudly hosting the AFL Grand Final, the Australian Open tennis and Spring Racing Carnival.