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 Albert Park circuit.

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, with the 2020 race day confirmed for March 15.

This year’s event attracted 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.

“The Formula 1 Australian Grand Prix has contributed significantly to Melbourne’s standing as a global sporting and major events capital and is a key pillar of Australia’s international sporting calendar,” said Minister for Tourism, Sport and Major Events Martin Pakula.

Formula 1 chairman and CEO Chase Carey said the decision to extend the current relationship for a further two years stems from the fact the event has proved to be immensely popular with fans and those who work in Formula 1.

“Working along with our partner, the Australian Grand Prix Corporation, we plan to make the Australian Grand Prix even more exciting and spectacular, as a sporting event and as a form of entertainment,” he said.

“We cannot wait to be back in Melbourne, from 12 to 15 March next year to celebrate the 25th anniversary of this race being held there and continuing a relationship which will also allow us to celebrate at least 30 years in the city in 2025.”

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