The Australian Grand Prix will continue to be held at Phillip Island until 2016 after an agreement was reached between Dorna and the Victorian Government.

The high-speed circuit has hosted the MotoGP Australian Grand Prix on 15 occasions since 1989, during which time it has established itself as a firm favourite among fans and riders alike.

The original contract was due to end in 2011, but an early decision has been taken to continue visiting the venue, which is situated 140km outside of Melbourne.

"Victorians love their sport and securing the Australian Motorcycle Grand Prix confirms Melbourne's status as the sporting capital of the world," said Victorian tourism and major events minister Tim Holding.

"We are proud to support major sporting events that place Melbourne and Victoria in the national and international spotlight and boost tourism to our State."

Additionally, industrial vehicle company Iveco has extended its agreement to act as title sponsor for the event for a further two seasons.

"Being an international company based in Victoria, we wanted to continue to support the Victorian economy by again partnering with the Australian Motorcycle Grand Prix for 2010 and 2011," sais managing director Giorgio Gallia.

Australia has hosted a round of motocycle grand prix racing since 1984, with Phillip Island, Eastern Creek, Bathurst and Winton all sharing duties at some stage. However, the 1989 Australian Grand Prix at Phillip Island was the first 'official' world championship event.

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