Australian Grand Prix
(L to R) Second placed Mercedes Formula One driver Nico Rosberg of Germany, race winner Mercedes Formula One driver Lewis Hamilton of Britain and third placed Ferrari Formula One driver Sebastian Vettel of Germany pose on the podium after the Australian F1 Grand Prix at the Albert Park circuit in Melbourne March 15, 2015. REUTERS/Jason Reed REUTERS/Jason Reed

Melbourne will continue to host the Australian Grand Prix until 2023. The event organisers reportedly signed a three-year extension for Formula One (F1) to hold one of its grand prix races at Albert Park’s circuit.

The Melbourne Grand Prix Circuit at Albert Park has previously been contracted to host the Australian Grand Prix until 2020, but an announcement made by Premier Daniel Andrews and Sport, Tourism and Major Events Minister John Eren on Monday revealed that Albert Park will remain as the race’s location until 2023.

“There’s nothing quite like the Australian Grand Prix in Melbourne and the buzz it creates around our state,” Mr. Andrews said. “It attracts visitors to Victoria from all over the globe and shows the world we have the best of everything.”

F1 supremo Bernie Ecclestone was also delighted with the contract extension. Ecclestone said that the Melbourne location continues to set the pace for all F1 events worldwide.

The contract to hold F1 race at Albert Park in Melbourne had already been secured until 2020. NSW Premier Mike Baird expressed his interest to take the Grand Prix from Melbourne to Sydney, the Herald Sun reported in March. They were vying to win the rights to stage such prestigious F1 event in Sydney, but the Victoria state government was undeterred to continue on the F1 calendar well into the next decade. Mr Andrews previously uttered his aspiration to go beyond five years.

The most recent Australian GP was won by Lewis Hamilton, who recently claimed his seventh win this season at the Belgian Grand Prix. The 2016 F1 schedule has been released with notable changes regarding the Grand Prix dates, but Australia has retained the honour of hosting the first race. However, the Australian GP moves forward three weeks later than the normal schedule, on April 3.

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