Qantas will be the title sponsor of this year's Australian Grand Prix, it has been confirmed.

The announcement was made earlier this week by the Australian Grand Prix Corporation. Qantas, which was previously title sponsor from 1997 to 2001 and which has a long history with the grand prix dating back to 1985, takes over the role from ING.

"We are delighted to have Qantas as our premier partner as it teams the iconic Australian airline with one of Australia's premier international sporting events," Australian Grand Prix Corporation chairman, Ronald J Walker, AC CBE told the events official website.

Qantas chief executive, Alan Joyce added that Qantas was proud to be the premier partner and naming rights sponsor of the 2010 F1 Qantas Australian Grand Prix.

"Qantas has sponsored the Grand Prix since its arrival in Australia in 1985 and we are pleased to reaffirm our support for this global sporting event, reaching F1 fans worldwide," he continued.

Meanwhile tourism and major events minister Tim Holding said the Victorian Government was thrilled with the strong support from Qantas for this year's event.

"We greatly value the involvement of all our commercial sponsors - their support reduces the cost of this event to the Victorian Government.

"Melbourne is the major events capital of the world and will next month come alive when hundreds of thousands of Melburnians and visitors from interstate and overseas flock to Albert Park for the Grand Prix," he summed-up.

The Australian Grand Prix is round two in the 2010 F1 World Championship and takes place on March 28, sandwiched between the Bahrain Grand Prix (on March 14) and the Malaysian Grand Prix (on April 4).