Part of the deal will see Melbourne host the first race of the Formula 1 season for at least four years between 2023 and 2037, with Saudi Arabia to host to the first race of the 2024 Formula 1 season.
This year’s Grand Prix attracted a record attendance of around 419,000 and 2023 is set to be even bigger.
Event organisers are eyeing record attendance numbers for next year’s Formula 1 Australian Grand Prix after tickets for the main race day sold out in only three-and-a-half hours after they went on sale.
One of the highlights of the Grand Prix will be the inclusion of Formula 2 and 3 racing from 2023, enhancing international appeal.
“Securing the Formula 1 Australian Grand Prix event in Melbourne for the next 12 years is an incredible result that will boost businesses and local jobs, while showcasing the state to millions of spectators right across the globe,” said Tourism, Sport and Major Events Steve Dimopoulos.
Australian Grand Prix Corporation CEO Andrew Westacott called the extension “an outstanding outcome.”
“It provides so many benefits to our city, our economy and our exceptional events industry, not to mention the aspiration it provides to young Australians pursuing their dreams in motorsport,” he said.
Westacott also announced he will resign next year after a decade in the role.
“I just love delivering major events, I love doing things for the state of Victoria, I love working with a great team,” Westacott told Channel Nine’s Today.
“The timing was right for me and the timing is right for the corporation as well.”