Melbourne to host Australian Grand Prix until 2025

Formula One has announced a new long-term contract with Melbourne's Albert Park.

The deal will see the venue, which has become the sport's traditional curtain raiser, remain on the calendar until at least 2025.

Confirmation of the contract comes only a week after the future of the British Grand Prix at Silverstone was secured for a further five years.

"Today's announcement is proof that more and more promoters are sharing our long-term vision for the future of Formula One," said Chase Carey, the sport's chief executive.

Albert Park, the home of the Australian Grand Prix since 1996, will play host to next season's first round on March 15.

Races in Vietnam and Holland will be added to the F1 schedule next year but the Spanish, German and Mexican Grands Prix could be dropped from the calendar.