The Formula One Australian Grand Prix Is Set To Stay In Melbourne - Until At Least 2020

Photo: Getty/ Mark Thompson

Premier Denis Napthine has signed Melbourne up for five more years of the Formula One Grand Prix, after more than year of negotiations between the government and Formula One officials.

The total cost of the new deal is unknown to Victorian taxpayers due confidentiality clauses, but is expected to cost at least $250 million.

The new deal is great news for F1 fans after Australian driver Daniel Ricciardo continues to ride the wave of Grand Prix success, winning his second title in the Hungarian Grand Prix this week.

Ricciardo’s performances have drewn admiration from racing legend Mark Webber who tweeted: “Great tactics from @redbullracing and another faultless drive by @danielricciardo spot on…(thumbs up) proud Aussie”.

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