Victorian Premier John Brumby has said there is 'zero chance' that the Australian Grand Prix will move away from the Albert Park circuit in Melbourne.

Reports this week had suggested that the event, which posted a large loss in 2010, could move to a new circuit at either Calder Park or Avalon.

Calder Park is set to undergo a series of changes to bring it up to FIA standard according to the Herald Sun, but Brumby said that there was no change of F1 using the venue instead of Albert Park.

"We are working with [circuit boss] Bob Jane and the [Australian motorsport] Federation in relation to motor sports," Brumby said. "That's really to look at, particularly at Calder Park, there might be an opportunity there for other forms of motor racing, particularly drag racing.

"We have got a track [for F1], we have got it established there at Albert Park. I know there's debate in the community and there's not 100 per cent support for Albert Park but what it does do is showcase our state very well indeed, and we have no intention of changing that location.

"I think it (the chance of moving the grand prix) is about as close to zero as you can get."

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