The Albert Park circuit will continue to host the Australian GP until 2020 after the Victorian government signed a new deal.
Next season is the last on Australia's current contract and there had been speculation over whether a new deal would be on the cards due to finances.
However, after agreeing a deal that would reduce the taxpayer subsidy, State Premier Denis Napthine announced on Sunday that Melbourne would continue to host the Australian GP through to 2020.
"This is a terrific announcement that reaffirms Melbourne and Victoria as the sporting and events capital of the world," he told 3AW radio station.
"We've secured another five-year deal for the grand prix and we've...
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