The Australian Grand Prix will remain in Melbourne until 2035, with Formula 1 announcing a 10-year extension of the race.
419,000 fans were in attendance at Albert Park across the weekend earler this year, reflecting the sport's significant growth in popularity, partly due to the success of the Formula 1: Drive to Survive Netflix series.
The new agreement will be added on top of the current contract, which runs until 2025.
There is no indiciation whether Melbourne will return as the Formula 1 season-opener, a spot the race held since its inception up until 2019.
A specific date for the next Grand Prix will be confirmed once the 2023 calendar is finalised.
Formula 1 president and CEO Stefano Domenicali outlined that the atmosphere at the track makes it such an enjoyable event for fans and drivers alike.
“I am delighted to confirm that Melbourne and the Albert Park circuit will continue to be on the Formula 1 calendar until 2035," Domenicali said.
"The race has always been a favourite for the fans, drivers and the teams and Melbourne is an incredible and vibrant international city that is a perfect match for our sport.
"This year we saw huge crowds and passionate fans at the Grand Prix, and we are very excited by the future in Australia as our sport continues to grow."
In an exciting addition for motorsport fans, Formula 2 and Formula 3 will join the race weekend schedule from next year.
Currently, there are two Australians racing in the Formula 2 Championship - Jack Doohan and Calan Williams.
Current Alpine reserve driver Oscar Piastri is also a Formula 2 graduate, winning the championship in 2021.
Prior to this year's Grand Prix, Albert Park underwent significant renovations, with parts of the track adjusted to promote more overtaking opportunities and closer racing.
Formula 1 have also confirmed that facilities including the paddock and pit lane will continue to be upgraded in the coming years.
Australian Grand Prix Corporation CEO Andrew Westacott added that the recent announcement is a major boost for sport in Melbourne.
“This is a sensational announcement that is simply great for Melbourne and Victoria," Westacott said.
"It builds on our rich motorsport history as well as Melbourne’s love of big sporting events and provides aspiration to the next generation of Aussie racing stars.
"We’re proud of our strong relationship with Formula 1 and together we will grow the sport in Australia and the broader Asia-Pacific region.
"Everyone at the Australian Grand Prix Corporation looks forward to taking the Formula One Australian Grand Prix to new levels over the course of the next 13 years.”
