Formula 1 has announced that the Australian Grand Prix will continue to be held in Melbourne until at least the end of 2025, following agreement between the two parties in London.

Part of the F1 calendar since 1985, the Grand Prix moved from Adelaide to Melbourne in 1995, and in that time has been the season opener on all but two occasions (2006 and 2010).

Thus far, next year's race, which comes at a time the sport will be celebrating its 70th anniversary the 25th visit to Albert Park, is currently the only confirmed date on the 2020 schedule.

"We are pleased to have renewed our partnership with the city of Melbourne," said Chase Carey, Chairman and CEO, Formula 1, "which will now host the Formula 1 Australian Grand Prix until at least 2025.

"The decision to extend the current relationship for a further two years stems from the fact this event has proved to be a resounding success for the capital of Victoria, for Australia and indeed around the world, proving immensely popular with fans and those who work in Formula 1.

"Working along with our partner, the Australian Grand Prix Corporation, we plan to make the Australian Grand Prix even more exciting and spectacular, as a sporting event and as a form of entertainment.

"Today's announcement follows on from last week's, relating to the British Grand Prix and is proof that more and more promoters are sharing our long-term vision for the future of Formula 1.

"We cannot wait to be back in Melbourne, from 12 to 15 March next year to celebrate the 25th anniversary of this race being held there and continuing a relationship which will also allow us to celebrate at least 30 years in the city in 2025."

"This is a fantastic vote of confidence from Formula 1 to continue racing in Melbourne until at least 2025," added Martin Pakula MP, Victorian Minister for Tourism, Sport and Major Events. "Victoria hosts major events better than anywhere else in the world and I'm excited that Formula 1 has chosen to exercise its option to extend the contract and enable the Victorian Government and the Australian Grand Prix Corporation (AGPC) to continue to deliver more world-class events for Victoria.

"The Formula 1 Australian Grand Prix has contributed significantly to Melbourne's standing as a global sporting and major events capital and the event is a key pillar of Melbourne's and Australia's international sporting calendar.

"Beyond the direct benefits to Melbourne and Victoria arising out of Formula 1's decision, the contract extension until 2025 also provides benefits and confidence for Victoria's events industry and the associated supplier base to the AGPC. Additionally, it provides the AGPC with opportunities to further enhance and develop the event for the benefit of all fans and lovers of the sport of Formula 1."