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Can future of Aussie GP be secured?

Mar 9, 2013, 6:30 PM EST

Albert Park Getty Images

The current contract on Formula One’s season-opening Australian Grand Prix at Melbourne’s Albert Park runs through the 2015 season, but talks toward making the event a long-term stop on the F1 calendar may be getting underway soon.

Melbourne’s Herald Sun reports that Denis Napthine, the new premier of the state of Victoria, is ready to speak with Formula One officials about a new deal for the race. According to his spokesman, Napthine will meet with said officials during the lead-up to the Grand Prix.

This comes on the heels of Formula One CEO Bernie Ecclestone telling the Herald Sun late last month that he wanted to keep Melbourne on the schedule for another 50 years.

“We get proposals from other parts, but we’re happy in Melbourne,” he told the Herald Sun’s Peter Rolfe in a Feb. 27 article. “Everybody loves Australia and loves Australian people, and it’s good to be there…and Melbourne, in itself, is a nice place.”

The race is a well-regarded part of the calendar, but a very costly one as well; the price tag for last year’s Aussie GP broke the $50 million mark. With that said, the race has certainly raised Melbourne’s global stature — and at least some believe that it has been worth the cost.

“You can, of course, argue that $57 million last year and likely rising again this year is not the best use of public money. But the greater argument is that it is an important and cost-effective investment in maintaining Melbourne’s international brand,” wrote Mark Fogarty of Melbourne’s The Age on Feb. 24.

“Forget claims of direct economic benefits derived from spending by visitors. What the Grand Prix at Albert Park does is promote Melbourne to the world, further reinforcing its visibility and status as a sporting and cultural [center].”

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