"As you can imagine, it's something very, very complex, it's very, very much a work in progress, and we're working with the government on every one of the details right now," he told local broadcaster ABC.
Westacott also played down rumours that Melbourne could follow Austria's example with a second race in 2021, especially with a big question mark hanging over the Brazilian GP.
"I think the people in Brazil are very, very dead-set on hosting their grand prix two weeks earlier than us," he said.
However, he also told SEN radio that a realistic deadline for clarity about whether the 2021 Australian GP will go ahead is mid September.
"The current date we're looking at is around the 13th or 17th of September from a build commencement point of view," said Westacott.
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