The Hidden Valley Motor Sports Complex is set to receive $8.05 million for infrastructure upgrades in Budget 2015, cementing the Territory's position as a venue of choice for racing.
"The Territory is fast building a reputation as a haven for motorsports and this significant investment will help ensure events like the V8 Supercars are here to stay," Chief Minister Adam Giles said.
"Motorsports fans have a lot to look forward to in Budget 2015 with a multi-million dollar package of sports infrastructure spending right across the Territory."
Mr Giles said the upgrades build on the first stage of works at the Hidden Valley racetrack over the past 18 months.
"We are proud to offer first class facilities to motorsports and Hidden Valley is the jewel in the Territory's crown," he said.
Over the past eighteen months, $9.6 million has been allocated for Hidden Valley upgrades including resurfacing the track circuit, pit wall gates, pit garage upgrades, re-sealing of the pit paddock, concrete barriers, debris panels, drainage and sewerage, as well the redesign of Turn 1 of the track to make it safer for drag racing.
"We are ensuring Hidden Valley remains in peak condition and offers competitors, officials, support crew and spectators the best possible environment for some great racing," Sports Minister Gary Higgins said.
"Hosting events such as the V8 Supercars, Australian National Drag Racing Association championships and regular races for local motorsports clubs means the complex gets a pretty intense workout.
"The Government's investment in Hidden Valley is an investment in helping ensure a vibrant and growing motorsport industry in the Northern Territory."