Network Ten has announced it has finalised a new agreement to broadcast the Australian Grand Prix live and free for the next two years.

As part of the agreement, highlights from every international Formula One race will broadcast on the Monday night following each race on ONE. All the highlights from last weekend’s Malaysian Grand Prix was broadcast last night on ONE.

All Formula One races will also be broadcast live in HD on Fox Sports. Last weekend’s Malaysian Grand Prix was also streamed on Foxtel Now, with Foxtel offering a two-week free trial of this service.

Ten CEO Paul Anderson said: “The Australian Grand Prix is an iconic sporting event and we are delighted that it will remain on Ten.

“Network Ten remains the free-to-air television home of motorsport. Our line-up includes the Supercars Championship, including the Supercars Supercheap Auto Bathurst 1000, the MotoGP World Championship and the motorsport destination show RPM.”

The new deal quashes recent claims by The Daily Telegraph that Ten was going to ditch broadcasting Formula One as part of a five-year, multi-million dollar cost-cutting strategy by the TV network.