Formula 1 to stay at Melbourne until 2020

Melbourne has agreed a new contract that will keep the Australian Grand Prix in the city until at least 2020.

Year-long negotiations between Formula 1 management and event representatives concluded with the decision that Albert Park will continue to play host to the event.

Denis Napthine, the Premier of Victoria, paid tribute to Ron Walker for securing the deal.

He said in a statement: "I congratulate Australian Grand Prix Corporation Chairman Ron Walker for his success as a tough negotiator in getting the best deal for Victoria.

"Within this contract we hope to see Australia's own Daniel Ricciardo win the Formula 1 Australian Grand Prix and become World Champion."

This year's race in Albert Park, which has hosted the race since 1996, was won by Nico Rosberg.