“Premier Rees and his government have made it clear that they are in the business of staging big events to showcase Australia's best international city and New South Wales to the world,” Cochrane added, “With the incredible support and vision of the premier and minister Ian McDonald, the government has backed the Sydney Telstra 500 as the city's largest event in 2009 and beyond.”

A first year crowd of 150,000 people is expected to attend across the three days of the event, which will be televised live throughout Australia and New Zealand, as well as broadcasts in 110 countries and 850 million homes internationally.

The launch also revealed that major concerts will take place on both Friday and Saturday nights of the event, with details of the performing acts set to be released on Monday 28 July. The concerts will be included in the price of a ticket.

“We will have the best touring car racing on show by day and a celebration by night at what is the best purpose built entertainment precinct in the country,” Cochrane insisted, “It will be the first time since 2000 that the entire main Olympic Park precinct has been used for a single event. It is tailor made as an entertainment and events precinct and this three-day spectacular will turn the area into a showcase street circuit which will make every Australian proud.”