With the existing deal expiring in 2025, today’s announcement marks the longest contract extension since the Grand Prix was brought to Victoria from South Australia in 1996.

This year’s crowd was estimated at 419,000 across the four days, breaking attendance records for the event in Melbourne.

An economic impact assessment of this year’s event estimated it generated $92 million of direct spending in the economy and boosted Victoria’s Gross State Product by $171 million.

Melbourne’s hotel occupancy peaked at more than 90 per cent during the Grand Prix week in April.

To further boost the international appeal of the Australian Grand Prix, from 2023 Formula 2 and Formula 3 racing will be added to the fixture.

Minister for Tourism, Sport and Major Events Martin Pakula said major events such as the Grand Prix, AFL Grand Final, the Australian Open tennis and Spring Racing Carnival generate economic benefits of around $2.5 billion a year to Victoria’s economy.

“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.”

Victorian Chamber CEO Paul Guerra welcomed the announcement and the economic benefits to the state.

“Congratulations to the Victorian Government and Minister Pakula who has driven this announcement, and to the Grand Prix Chairman Paul Little and CEO Andrew Westacott. The announcement underscores the whole events calendar. International events know Melbourne well.

“For the hospitality sector, restaurant sector, for all the state’s vibrant events sector this is a brilliant announcement today and one I know will be celebrated because it gives certainty to the sector. It means there’ll be more reinvestment, more visitors and global attention off the back of it.

“We know for the week of the Grand Prix the eyes of the world will be on Albert Park and they will be for at least another decade.”