F1 Australian Grand Prix to remain in Melbourne until 2035
Victoria has secured the Formula 1 Australian Grand Prix until at least 2035, with the world’s top motorsport category to continue racing at Melbourne’s Albert Park Grand Prix Circuit.
It follows a record-breaking crowd of 419,000 across the four days for the 2022 race, including 128,294 on race day. Such was the popularity, new grandstands were constructed for this year’s event, while new corporate facilities were also activated.
Victorian Minister for Tourism, Sport and Major Events Martin Pakula announced the extension of the deal on Thursday to host the race for a further 10 years after the current contract ends in 2025.
“The Australian Grand Prix has never been bigger, with more than 419,000 people flocking to Albert Park for this year’s race. 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” Pakula said.
The Victorian Government has negotiated the longest extension since the Grand Prix was brought to Victoria from South Australia in 1996.
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.
Melbourne’s bars and restaurants buzzed with visitors and hotel occupancy peaked at more than 90 per cent during Grand Prix week in April this year.
The new agreement will result in Melbourne enjoying hosting rights for the Australian Grand Prix for a total of 40 years since the event moved to Victoria in 1996.
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.
Australian Grand Prix Corporation Chairman Paul Little AO said, “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.”
Major events generate economic benefits of around $2.5 billion a year to Victoria’s economy, with Melbourne proudly hosting the AFL Grand Final, the Australian Open tennis and Spring Racing Carnival.
Formula 1 President & CEO Stefano Domenicali said, “I am delighted to confirm that Melbourne and the Albert Park circuit will continue to be on the Formula 1 calendar until 2035. The race has always been a favourite for the fans, drivers and the teams and Melbourne is an incredible and vibrant international city that is a perfect match for our sport.”
