The Australian Grand Prix will remain in Melbourne until 2035, with Formula One confirming a deal to extend the race's agreement beyond 2025 on Thursday.
In addition, Formula Two and Three races will join the weekend schedule for the first time from 2023.
The F1 season returned to Melbourne after a two-year hiatus this year, after the 2020 event was cancelled amid the initial outbreaks of the Covid-19 pandemic.
With crowds flocking back this year in record numbers – an attendance of 419,000 marked the largest ever crowd for a weekend sporting event in Australia - F1 chief executive Stefano Domenicali expressed joy at the Albert Park race's future being secured.
"I am delighted to confirm that Melbourne and the Albert Park circuit will continue to be on the Formula 1 calendar until 2035," he said. "The race has always been a favourite for the fans, drivers and the teams and Melbourne is an incredible and vibrant international city that is a perfect match for our sport.
"This year we saw huge crowds and passionate fans at the Grand Prix, and we are very excited by the future in Australia as our sport continues to grow."
F1 are yet to confirm a date for the 2023 race, however, with scheduling becoming a tricky dynamic in the event Melbourne does not hold the opening race of the season.
During this year's race weekend in April, Sergio Perez and George Russell particularly lamented the physical and logistical strain placed on drivers and teams flying out to Australia, with Bahrain holding pre-season testing as well as the opening race over the past two seasons.
Before Covid-19 forced schedule changes, the Australian GP had traditionally held the opening race of the season upon the move to Melbourne in 1996, with Adelaide previously holding the final race on the calendar.