The Australian Grand Prix will remain in Melbourne until 2037 while Saudi Arabia will host the season opener in 2024.

Earlier this year, the Australian Grand Prix Corporation announced an extension of its contract, thereby retaining the Grand Prix until 2035. However, a further extension has now been confirmed which means that Albert Park will continue to host the race until 2037.

However, the extension includes an agreement that will see Saudi Arabia host the season opener in 2024 whereas Melbourne was meant to host it in 2024 and 2025.

The switch is down to the need to accommodate Ramadan, which would make racing in Muslim countries impossible.

"To have secured what is now 15 years of further tenure for the Formula 1 Australian Grand Prix in Melbourne is an outstanding outcome," said Andrew Westacott, CEO of the AGPC. "It provides so many benefits to our city, our economy and our exceptional events industry, not to mention the aspiration it provides to young Australians pursuing their dreams in motorsport."

"We're backing a summer like no other," added Steve Dimopoulos, Victoria's Minister for Tourism, Sport and Major Events, "with a spectacular offering of major events and activities that encourage Victorians to revel in the best the state has to offer, while delivering more visitors to businesses across Victoria.

"Securing the Formula 1 Australian Grand Prix event in Melbourne for the next 12 years is an incredible result that will boost businesses and local jobs, while showcasing the state to millions of spectators right across the globe."

"Demand for next year's race has already reached fever pitch," said Westacott, "with event organisers eyeing record attendance numbers after tickets for the main race day sold out in only three-and-a-half hours after they went on sale.

This year's event drew a record crowd of around 419,000 over the course of the weekend, and with the addition of Formula Two and Three next season the crowd should be even bigger.

Westacott has announced that he will stand down after next year's race, the fifteenth during his time at AGPC, having also been involved in the delivery of fifteen Australian Motorcycle Grand Prix events.

He commenced at AGPC in 2006 as General Manager - Operations, before later being appointed Deputy CEO. He was appointed as CEO in February 2011.

He is AGPC's longest-serving CEO, having acted under all of AGPC's three Chairmen (Ron Walker AC CBE, John Harnden AM and Paul Little AO) and five different Government Ministers (Tim Holding, Louise Asher, John Eren, Martin Pakula and Steve Dimopoulos).

Throughout his stewardship, he has overseen multiple contract extensions for the Formula 1 Grand Prix and Australian Motorcycle Grand Prix events, which will keep them in Victoria for many years to come. In more recent years, he has overseen massive development and growth of the 1 event, as well as significant modifications and resurfacing of the Albert Park circuit.

An announcement on the process to find his successor will be made in due course.