Premier of Victoria Denis Napthine and Minister for Tourism and Major Events Louise Asher took centre stage to announce the 2016-2020 extension, finalized with Bernie Ecclestone and FOM in London last week.
"I congratulate Australian Grand Prix Corporation Chairman Ron Walker for his success as a tough negotiator in getting the best deal for Victoria," said Napthine after its confirmation. "Within this contract we hope to see Australia's own Daniel Ricciardo win the Formula 1 Australian Grand Prix and become World Champion."
"I congratulate Melbourne for the excellent way in which it presents Formula 1 to the world," added Ecclestone.
Melbourne also looks set to keep its season opener slot, with organizers expecting a March 15 race date.