It was attended by 465,000 people this year and pulled in a record haul for Victoria. Looking ahead, the Albert Park Grand Prix is expected to grow further and feature a Grandstand named in honour of hometown hero Oscar Piastri.
A new era of Australian motorsport has been given the green light for the 2026 Formula 1 Australian Grand Prix.
Melbourne-native and McLaren star Oscar Piastri is being honoured with an eponymous Grandstand at the Albert Park racetrack. The announcement adds another layer of excitement to an event that has proven to be an economic powerhouse for Victoria, drawing record crowds and injecting hundreds of millions into the state’s economy.
A Grandstand for a local hero
The new Piastri Grandstand will replace a section of the existing Fangio stand in a prime location on the main straight.
The move is a tribute to Piastri, who has had a sensational start to his Formula 1 career. The 24-year-old Melbourne-born driver is now in his third F1 season and has already become one of the most awarded Australian motorsports athletes of all time, having eight wins under his belt and playing a vital role in McLaren securing the 2024 Constructors’ Championship.
Australian Grand Prix Corporation CEO, Travis Auld, says that Piastri has ascended rapidly in the cutthroat world of F1 and is deserving of this honour at his hometown racetrack.
“Oscar has achieved incredible success in his early career across karting, F3, F2 and now in F1,” says Auld. “It is only fitting that we honour Oscar’s incredible rise in the sport with a dedicated grandstand at his home Grand Prix.”
Piastri shared his excitement, stating that the honour feels very surreal.
“I never thought this would happen. Seeing all the fans in my own grandstand directly opposite the McLaren garage is going to be an amazing experience, and I’m really looking forward to feeling the energy and the atmosphere.”
Piastri is currently leading the 2025 Drivers’ Championship, having earned six wins and 12 podiums this year. He has scored points in every F1 race this season.
The battle at the top of the 2025 standings is an all-McLaren affair. Piastri is locked in a tight championship fight with his teammate, Lando Norris, who has also been in phenomenal form and is just nine points behind the Australian. The Norris and Piastri rivalry has been a defining storyline of the season, characterised by fierce but largely respectful on-track battles.
The competition between the two has propelled McLaren to a dominant position in the Constructors’ Championship, with the team more than doubling the points of their nearest rival, Ferrari.
Record-breaking economic impact
The 2026 Formula 1 Australian Grand Prix is scheduled to take place from March 5th to 8th next year. Ticket sales begin on 10 September, with adult general admission passes starting at $45.
According to organisers and government reports, the 2025 grand prix injected more than $320 million into the Victorian economy and facilitated 1600 full-time jobs. Hotel occupancy across Melbourne reached a high of 94 per cent on the Saturday night before the main event.
The four-day grand prix was attended by 465,498 spectators -13,000 more than 2024 – making it the most well-attended Australian Grand Prix in history, and one of the largest on the global Formula 1 calendar.
“The Formula 1 Australian Grand Prix is an event like no other and 2025 was the most successful year yet – attracting hundreds of thousands of fans, pumping hundreds of millions into the Victorian economy,” says Victorian Tourism, Sport and Major Events Minister, Steve Dimopoulos.
New regulations and venue upgrades
Next year’s Australian Grand Prix will mark a new era for the sport, with technical regulation changes mandating that the vehicles be powered by 100% sustainable fuel. Two new teams, Cadillac and Audi, are joining the roster, bringing new drivers and a wave of anticipation to the opening race in Melbourne.
The announcement of the Piastri Grandstand comes amid extensive construction taking place at the Albert Park site. To enhance the fan experience, upgrades have been made to track infrastructure and spectator facilities. Further improvements include a new pit building and other upgrades designed for community use outside of the race period, such as new sports courts and improved clubrooms.
Other proposed changes to the event include a two-weekend event format, according to reports.
Melbourne will be home to the Australian Grand Prix until at least 2037, when the current agreement expires. According to the Victorian government, the state’s major events calendar which includes the grand prix, as well as the spring racing carnival, AFL season, and Australian Open Tennis, delivers more than $3.3 billion in annual economic value.
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