The Australian Grand Prix will remain in Melbourne until at least 2035 with Formula One extending its contract for another 10 years.
From next year, feeder series Formula 2 and Formula 3 racing will also be added to the event.
Australian GP organisers have also committed to upgrading the paddock and pit lane.
The contract had been due to expire in 2025 but the new agreement will extend the race’s time at Albert Park to 40 years.
It caps off a wildly successful return for F1 in Melbourne this April, after a two-year hiatus due to the coronavirus pandemic.
This year’s estimated attendance at Albert Park reached 419,000 across the four days, the largest crowd for a weekend sporting spectacle in Australian history.
“I am delighted to confirm that Melbourne and the Albert Park circuit will continue to be on the Formula One calendar until 2035,” F1 president and CEO Stefano Domenicali said in a statement.
“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.”
The event moved from South Australia to Victoria in 1996 and has been a fixture on the F1 calendar ever since.
“The resounding popularity of the Formula One 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,” Australian Grand Prix Corporation chairman Paul Little said in a statement.
Motorsport Australia also welcomed the decision to lock in the Melbourne race long-term.
The Australian GP used to be the season opener but Bahrain has held that honour over the past two years.
F1 is yet to confirm its competition schedule for next year but is aiming for 24 events on the schedule.
Las Vegas and Qatar are already locked in for 2023 while the South African Grand Prix in Kyalami could return next year.
The French GP at the Paul Ricard Circuit will be dropped after next month’s race.