The Australian Grand Prix, is an annual motor racing event, which is currently under contract to host Formula One until 2025. It is the second oldest surviving motor racing competition held in Australia, after the Alpine rally of East Gippsland. The Grand Prix has moved frequently with 23 different venues having been used since it was first run at Phillip Island in 1928. The race became part of the Formula One World Championship in 1985. Since 1996 it has been held at the Albert Park Circuit in Melbourne, with the exceptions of 2020 and 2021 when the races were cancelled due to the COVID-19 pandemic.Before that, it was held in Adelaide It is currently sponsored with naming rights by Swiss watchmaker Rolex.