Australia in talks with F1 to extend Australian GP deal

Melbourne: The Victoria state government says negotiations are under way to extend the contract for hosting the Formula One Australian Grand Prix.

Tourism and Major Events Minister Louise Asher said on Wednesday the government wants to keep the event at Albert Park beyond 2015, when the current contract expires, but did not say when a new deal might be announced.

Asher said taxpayer contributions to hosting the race were $50 million in 2013, down by $6 million on the previous year because of increased revenues and cost savings.

Australia has been on the F1 calendar since 1985 but faces increasing competition to stay in the schedule as F1 tries to accommodate new races in Russia, Mexico and New Jersey.