Victoria Premier Daniel Andrews has agreed a deal which keeps F1 in Melbourne until 2023.

Andrews revealed the news in a video on Facebook, in a clear bid to taunt newly elected New South Wales Premier Mike Baird, who had previously revealed his intention to 'steal' the event for Sydney.

"I'm sorry, Mike, but the Australian Formula One Grand Prix is here to stay," said Andrews in the video, "exactly where it belongs, in the great city of Melbourne.

"The good news is you and tens and thousands of others from New South Wales and right across Australia, indeed right across the world are more than welcome to come to Melbourne to be part of the great race," he added. "In fact, I'll even shout you a ticket."

The event moved to Melbourne in 1996, having been hosted for the previous eleven years in Adelaide.

Despite the objection of environmentalists, and continued losses, which in turn made the event a political hot potato, the traditional season opener has become one of the most popular with drivers and fans alike.

However, due to the time difference between Melbourne and F1's (fan) heartland in Europe, the event has always frustrated Bernie Ecclestone, who has repeatedly called for the race to be held at night.

Earlier this year, Baird made the Grand Prix part of his election manifesto, a proposed street circuit to include crossing the Sydney Harbour Bridge.