The Townsville 400 and Gold Coast 600 events will remain part of the Virgin Australia Supercars Championship schedule until at least the end of the 2019 campaign.
Speculation regarding the future of the races had been growing before a new multi-million dollar agreement was reached between Supercars, the Queensland State Government and Tourism and Events Queensland (TEQ) this week.
Before the completion of a new three-year contract extension, the arrangement to host both the Townsville and Gold Coast races was set to expire at the end of this season.
Click here to have your say on the state of Australian motorsport and go into the draw to win a Kincrome Tool Armour Workshop valued at $11,999.
Today's announcement arrives just a week before the Castrol Edge Townsville 400, which begins next Friday, while the Castrol Gold Coast 600 is due to take place from October 21-23.
“We are delighted to have an agreed extension with the Queensland Government,” said Supercars CEO James Warburton.
“I would like to thank Premier Annastacia Palaszczuk, Minister Kate Jones, Gold Coast Mayor Tom Tate and Townsville Mayor Jenny Hill for their continued support of what are two of the biggest sporting events in Queensland.
“As well as delivering significant tourism and economic benefits, these events also generate local jobs and showcase Queensland to a huge television audience around Australia and overseas. By any measure they have been a great success.
“Our teams, drivers and fans love these events and they are now a core part of our calendar for the years to come. We can't wait for the Castrol Edge Townsville 400 next week.”
Queensland Premier Annastacia Palaszczuk described the announcement as a ‘win' for the state with the events contributing an estimated $80 million to the economy each year.
“This is a great win for the Gold Coast and Townsville,” said Palaszczuk.
“Securing these events for the Gold Coast and Townsville will deliver around 200,000 visitor nights and $80 million in economic benefit each year.
“We recognise the importance of the Gold Coast and Townsville as leading tourism and events destinations and are committed to delivering the best events for the community.”