Phillip Island will remain as the venue for the Australian MotoGP and the country's round of World Superbikes after securing a new long-term partnership.

The Victoria State Government has confirmed the Australian Motorcycle Grand Prix will remain at Phillip Island until 2026, while the Australian round of WSBK will continue to return until 2027, after allocating an additional $80m for its bid to keep the events from rival circuits in Australia.

The Australian MotoGP and the Phillip Island round of WSBK are considered key contributors to Victoria's economy with MotoGP producing an estimate $48.5m each year, while WSBK adds around $20m per year.

"Our motorsports events at Phillip Island are flagship dates on our calendar, and they're going nowhere," John Eren, Minister for Tourism and Major Events, said. "Phillip Island will remain at the centre of world motorsport for many years to come.

"These events create a unique buzz around Phillip Island, attract visitors to Victoria from all over the globe, and show the world we have the best of everything."

Dorna boss Carmelo Ezpeleta is thrilled to see Phillip Island remain on the calendar for both series which extends their already long-standing partnership.

"The Australian Motorcycle Grand Prix and the FIM Superbike World Championship have a strong history at Phillip Island, and have become part of the Island's fabric," Ezpeleta said. "I am delighted the Victorian Government has decided to continue this longstanding, mutually beneficial relationship."

Phillip Island hosts key races in both championship, currently acting as the WSBK season opener and acts as a pivotal race in the MotoGP championship crescendo as part of the three-leg flyaways.

The iconic Victoria circuit has hosted MotoGP since 1997 and also held the Australian Motorcycle Grand Prix in 1989 and 1990 before a brief stint at Eastern Creek. Phillip Island has been on the WSBK calendar since 1990, with the exception of the 1993 season.

The area has now locked down all three of the country's major motorsport events after recently announcing the Formula 1 Australian Grand Prix would remain at Albert Park until 2023.