Premier of Victoria Denis Napthine was joined today by Minister for Tourism and Major Events Louise Asher to announce that the Victorian Coalition Government has secured the Formula 1 Australian Grand Prix in Melbourne for another five years - 2016-2020.
The new contract was agreed in London last week after 12 months of negotiations.
The Formula 1 season is seen by hundreds of millions of viewers around the world with the Australian Grand Prix broadcast live, in prime time, to some of Victoria's key trading partners such as China, India and Japan.
"Formula 1 is a key pillar of Victoria's major sporting events strategy. This calendar is unrivalled worldwide, commencing with the Australian Tennis Open and Asian Football Cup in January, followed by the ICC Cricket World Cup in February, the Formula 1 Australian Grand Prix in March, the AFL Final Series, and the Spring Racing Carnival," Dr Napthine said.
"Regional Victoria is also prominent on the world stage with events such as the Australian Motorcycle Grand Prix at Phillip Island, the Rip Curl Pro at Bells Beach and the recently secured Cadel Evans Great Ocean Road Race in early next year."
"Within this contract we hope to see Australia's own Daniel Ricciardo win the Formula 1Australian Grand Prix and become World Champion."
"I congratulate Australian Grand Prix Corporation Chairman Ron Walker for his success as a tough negotiator in getting the best deal for Victoria."
Victoria's vibrant major events strategy contributes A$1.4 billion to the Victorian economy annually and generate some 3,500 jobs. The Formula 1 Australian Grand Prix alone generates between 351 and 411 full-time equivalent jobs and up to $39 million of economic benefits.
"In addition, the worldwide broadcast delivers invaluable promotion and coverage to Melbourne and Victoria," Ms Asher said.
"These cornerstone events enhance our international reputation as the world's most liveable city."
Bernie Ecclestone, Group CEO of Formula One Management Limited, said the signing of the new contract was well deserved by Melbourne, the world's sporting capital, which will celebrate two decades of Formula 1 at next year's event.
"I congratulate Melbourne for the excellent way in which it presents Formula 1 to the world," Mr Ecclestone said.
Australia is set to host the opening round of the 2015 FIA Formula One World Championship on 12 - 15 March.