Melbourne will host the first race of the season on four occasions under the new deal.
"To have secured what is now 15 years of further tenure for the Formula 1 Australian Grand Prix in Melbourne is an outstanding outcome," Australian Grand Prix Corporation chief executive Andrew Westacott said.
Next year's grand prix weekend will include the Formula 2 and Formula 3 categories for the first time."Securing the Formula 1 Australian Grand Prix event in Melbourne for the next 12 years is an incredible result that will boost businesses and local jobs, while showcasing the state to millions of spectators right across the globe."
Australian Oscar Piastri will compete in his maiden F1 season in 2023, driving for McLaren after taking over from fellow countryman Daniel Ricciardo. Ricciardo will not be on the grid next season, taking the reserve driving seat at Red Bull, where he won seven F1 races.
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