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The Australian Grand Prix will remain in Melbourne until at least 2035, with Formula 1 signing a new agreement with race organisers extending the city’s contract for another 10 years.

The race, hosted at Melbourne’s Albert Park since 1996, attracted an estimated attendance a record-breaking 419,000 across its four days this year having been cancelled in 2020 and 2021 due to the COVID-19 pandemic.

With media reports that the NSW Government was looking to attract the race to Sydney, its future in Melbourne is now secure until the middle of the next decade..

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.

Speaking after the announcement of the extension, Victorian Minister for Tourism, Sport and Major Events, Martin Pakula advised “the Australian Grand Prix has never been bigger, with more than 419,000 people flocking to Albert Park for this year’s race.

“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 has been held in Melbourne.”

To add to the international appeal of the event, Formula 2 and Formula 3 racing will be added to the event from 2023.

Announcing this Australian Grand Prix Corporation’s Chairman, Paul Little advised “the resounding popularity of the Formula 1 Australian Grand Prix for over two decades stepped up to a new level in 2022 and the addition of F2 and F3 means that future events will continue to offer new races for fans to enjoy.”

Motorsport Australia also welcomed the decision to lock in the Melbourne race long-term.

F1 is yet to confirm its competition schedule for next year but is aiming for 24 events on the schedule.

Image: The Australian F1 Grand Prix at Albert Park. Credit: Australian Grand Prix Corporation.

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