Melbourne holds onto F1 Grand Prix until 2035

grand prix

Melbourne will continue to host the Australian leg of the Formula 1 Grand Prix until 2035 following the signing of a new agreement with the race organisers.

The current contract to hold the race at Albert Park was due to expire in 2025, with Sydney openly eying off the coveted motorsport race.

The new agreement makes it the longest extension since the Grand Prix was brought to Victoria from South Australia in 1996.

Crowd numbers show the appetite for Formula 1 racing in Victoria is strong, with this year’s estimated attendance a record-breaking 419,000 across the four days.

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.

“The Australian Grand Prix has never been bigger, with more than 419,000 people flocking to Albert Park for this year’s race,” said Minister for Tourism, Sport and Major Events Martin Pakula.

“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 Formula 1 Australian Grand Prix, Formula 2 and Formula 3 racing will be added to the event from 2023.

“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,” said Paul Little, Australian Grand Prix Corporation’s Chairman.