Melbourne is hopeful of retaining the rights to host the Australian Grand Prix past its current contract which ends in 2015.
The race has come under increasing pressure from critics who believe the annual reported losses of £31 million ($50m), is a waste of public money.
Whilst the economic benefit is greater than the losses, the events organisers are being pressured into renegotiating a more financially viable contract.
Victoria state premier Ted Baillieu is however keen to extend the current deal, saying it has been good for the state and city, and will continue to be in the future.
“There are three more races under the current contract and we will see out those and commence discussions [for a new contract] at an appropriate time,” he said.
“I say again the grand prix has been good for this state, good for this city and is a key part of our major events calendar and that calendar gives Victoria a competitive edge.
“I am very confident that the grand prix has been good for Melbourne and Victoria, and will [continue to] be good for Melbourne and Victoria,” he added.
“We intend to do whatever we can to ensure our major events calendar remains strong and the grand prix has been a part of that and we look forward to it being a part in the future.”
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