Melbourne's Formula 1 event contract extended till 2025

Melbourne will host the Formula 1 Grand Prix until at least 2025, officials on Friday revealed, announcing a two-year extension for racing at the city's iconic Albert Park circuit.

Following the success of local driver Daniel Ricciardo, the sport has enjoyed a resurgence in popularity in Australia, helping to ease concerns regarding the event's significant price tag.

Albert Park has held the Grand Prix season-opener since 1996, with the exception of 2006 and 2010, reports Xinhua news agency.

"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...proving immensely popular with fans and those who work in Formula 1," Formula 1 chairman and chief executive Chase Carey said.

Melbourne will once again kick off the racing season in 2020 with race day confirmed for Sunday, March 15.