The Australian Grand Prix will remain on the MotoGP calendar for the next 10 years, it was announced on Sunday.
The Phillip Island Grand Prix Circuit has hosted the event since 1997 and the new deal will see MotoGP return every year until 2026.
The new contract will also see Phillip Island continue on the Superbike World Championship calendar until 2027.
An estimated 85,000 spectators attended the 2015 MotoGP event at Phillip Island, while more than 42,000 turned out for the 2016 Superbikes.
"The Australian Motorcycle Grand Prix and the FIM Superbike World Championship have a strong history at Phillip Island, and have become part of the Island's fabric," Dorna chief executive Carmelo Ezpeleta said.
"I am delighted the Victorian Government has decided to continue this longstanding, mutually beneficial relationship."
Victoria also hosts the Australian round of the Formula One season, which was recently tied down to be held at Melbourne's Albert Park circuit until 2023.