The New Zealander broke through for his first victory in the top flight in the final race of his rookie season, at the Vailo Adelaide 500.
Just over a week after the fact, Grove Racing has proclaimed a new contract which constitutes a “long-term partnership” with the 21-year-old, although the exact term is undisclosed.
Team owner Stephen Grove said, “It was important for the team to extend Matthew's contract to ensure the entire Racing group can continue to develop the team for the long term.
“Matthew is a vital part of our long-term strategy, and his commitment to the team through a long-term extension to his current contract, is a testament to the direction of the whole Racing group at Grove Racing.”
Payne was plucked from relative obscurity by the Groves, making his Dunlop Super2 Series debut midway through 2021.
After showing plenty of speed, but also a propensity for incidents, plans to elevate him to the top flight on a full-time basis were put on hold for 2022.
This year, though, he would finish top rookie in 14th in the drivers' standings, with that win on the final day of the season.
Team Principal David Cauchi remarked, “Matt started his career with us as part of our junior team and he is the first driver the graduate up to Supercars.
“It is a testament to Stephen and Brenton Grove for their commitment to developing young talent and to continue our relationship with Matt is very satisfying.
“Our first year in Supercars produced a race win which is a rare achievement in such as competitive championship.
“Matt has shown that he deserves to be in Supercars, and he will be a key part of our team into the future.”
Payne himself added, “After securing my first race win, I am excited to re-sign with Penrite Racing.
“The upcoming season holds new challenges, fresh competition, and the opportunity to improve my performance on the track.
“I am confident with the support of Penrite Racing, we can further our success in 2024.”
VIDEO: Matthew Payne – Here To Stay