Melbourne will host the Formula 1® Australian Grand Prix until at least 2025 after F1 executives moved to lock in a two-year option on the iconic Albert Park circuit.
Minister for Tourism, Sport and Major Events Martin Pakula today revealed the Melbourne spectacular would remain a pillar of the Victorian sports calendar until at least its 30th running.
The new deal was confirmed by Formula 1 chairman and chief executive Chase Carey in Europe overnight.
The Formula 1 Australian Grand Prix takes Melbourne to the world with international tourists flocking to the city and images beamed to an estimated global audience of 80 million, including key markets China, India and Japan.
Attendances show the appetite for Formula 1 racing in Victoria is strong, with the 2019 event attracting an estimated crowd of 324,000 across four days, a 10 per cent increase on 2018, making it the best attended Grand Prix since 2005.
Melbourne will again be the first event on the F1 calendar in 2020, with race day confirmed for Sunday, March 15.
The Grand Prix has been a feature on the Victorian calendar since 1996 and is one of the four biggest sporting events in the country alongside three other Melbourne jewels – the AFL Grand Final, Australian Open tennis and Spring Racing Carnival.
The event provides a major boost to the Victorian economy with CBD hotels at 94 per cent occupancy during Grand Prix week and benefits flowing through the hospitality and tourism sectors.
Major events generate an estimated $1.8 billion of economic benefit annually for Victoria, supporting 4,700 full-time equivalent jobs.