Melbourne has been locked in to host Australia's Formula One Grand Prix until at least 2025, silencing persistent rumblings from Sydney.

The deal inked between the Andrews government and Formula One chairman Chase Carey will see the Albert Park circuit host the event for at least another two years beyond the current contract expiring in 2023.

The terms of the contract, however, have not been revealed to taxpayers, and events minister Martin Pakula admitted that he too had not seen the updated agreement.

A statement released on Friday morning by the Minister for Sport, Tourism and Major Events, titled "roaring success", said Mr Carey had agreed for Melbourne to host the race until at least 2025.

Mr Pakula told ABC Radio's Jon Faine he had not seen the new contract, but insisted it was merely an extension of the existing terms that expire in 2023.