The circuit will also stage a round of the FIM world superbike championship until 2027. No financial details were provided.
"It's important to make sure that we secure these events for the long term," Victoria sports minister John Eren told local media.
"As we all know it's a very competitive environment and NSW (New South Wales) was very keen on pinching and poaching these events off us and clearly they're not going to do that for at least the next 10 years."
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Melbourne has a contract to host the Australian Formula One Grand Prix until 2023.
(Reporting by Alan Baldwin, editing by Ed Osmond)
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