Supercars will return to Phillip Island from next year, helping plug an economic gap left by the loss of the MotoGP to Adelaide.
Victorian Major Events Minister Anthony Carbines today announced a five-year deal to host a Supercars Championship final series round.
It will be the first time since 2019 that the island has hosted Supercars.
Phillip Island will host its final MotoGP from October 23 to 25.
The track has hosted the event since 1989, but lost it to South Australia after the Victorian government rejected a request to move it from Phillip Island to Melbourne's Albert Park.
It later lost the Australian round of the FIM Superbike World Championships, which will be held on Phillip Island for the last time in 2027.
The loss of the two events has created anxiety in the local business community, which relies heavily on tourism from the events.
Local tourism body Destination Phillip Island says racing is worth $80 million to the local economy.
Phillip Island will host a Festival of Motoring in March next year, with Labor and the Coalition both promising to back the event.
Opposition major events spokesperson David Southwick today said the Coalition would provide $100,000 to fund the event if it wins November's state election.