The Australian Grand Prix will continue to be hosted by Formula 1 until the year 2035.
The existing contract was due to end in 2025, but has been extended for 10 years.
The race will stay on the calendar for more than three decades.
The status of the commercial deal on offer and the fact that it is an established successful event were the reasons why the city won out.
Albert Park was the first track on the F1 schedule.
It is a major success for both the state of Victoria and the city of Melbourne.
The largest crowd for a weekend sporting event in Australian history was seen at Albert Park this year as Melbourne returned to the schedule after a three-year absence.
"MELBOURNE is an incredible and vibrant international city that is a perfect match for our sport, and the race has always been a favourite for the fans, drivers and the teams," said Domenicali.
The Grand Prix saw huge crowds and passionate fans, and we are very excited about the future in Australia.
The Australian Grand Prix has never been bigger according to the minister for tourism, sport and major events. We know how important this event is to our economy and that's why we've delivered the longest extension for the race since it was held in Australia.
The pits and paddocks will be upgraded to future-proof the event.
In order to increase overtaking possibilities, the track was modified for the first time this year.
The opening race of the season was usually Melbourne from 1996 to 2004.
Australia was moved to the third race of the season because of uncertainties over immigration restrictions, which resulted in the loss of that position.
The opening slot in the future is likely to be shared by the two countries. When the timing of the Muslim festival of Ramadan makes it impossible for races in the Middle East to be held on the required date, Melbourne will step in.
Melbourne is not expected to be the season- opening race next year as F1 is still working on the calendar.
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