Australia will continue to hold a Grand Prix in Melbourne until at least 2023 after organisers extended their Formula One deal.

The circuit at Albert Park has played host to the Australian Grand Prix since 1996 and had been secured as the venue until 2020, following a renewal in 2014, however the Victoria state government has now penned a further three-year extension to that deal.

The financial details of the deal are yet to be released, nevertheless, as a result of the level of public funding required to host the Grand Prix on the temporary parkland circuit each year the details are soon to emerge. In 2014, AUS$60 million of Victorian taxpayers’ money was spent on staging the race.

F1 supremo Bernie Ecclestone has said: “We are very happy to extend our relationship with Melbourne, who continue to set the standard for Formula One events globally.

“This new agreement will take the city past 25 consecutive years of hosting Formula One, a super achievement.”

Sydney had hoped to claim the hosting rights from 2021, but the premier of Victoria, Daniel Andrews, said: “There’s nothing quite like the Australian Grand Prix in Melbourne and the buzz it creates around our state. It attracts visitors to Victoria from all over the globe, and shows the world we have the best of everything.

“Our competitors interstate have made no secret of their desire to steal it, but it is here to stay. I can assure Victorians Daniel Ricciardo won’t be racing over the Sydney Harbour Bridge any time soon.”

The race in Melbourne has opened every season except 2006 and 2010 since taking over from Adelaide and next year’s season-opener in Melbourne is scheduled to take place on 3rd April.