Phillip Island extends MotoGP deal

The track has held the event since 1997, and in addition to its firm extension to 2016, it has an option to continue as Australia's MotoGP venue through to 2026.

"We are very pleased to continue our long-term relationship with the Australian Grand Prix and the Phillip Island Circuit," said Dorna chief Carmelo Ezpeleta

"The organisation of the grand prix has been improving year after year, and it will be a privilege to continue working with such professional people until 2016."

Iveco has also been secured as the race's title sponsor through 2011.

Victoria's tourism and major events minister Tim Holding was delighted that MotoGP would be staying in the region.

"Victorians love their sport and securing the Australian Motorcycle Grand Prix confirms Melbourne's status as the sporting capital of the world," he said.

"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."