The Australian Racing Drivers' Club said it would determine whether its Eastern Creek circuit in Sydney could host a domestic grand prix if Melbourne's contract is not renewed upon expiry in 2010.
ARDC president John Cotter said that the study was "an essential first step in plans to ensure Australia remained relevant in world motorsport".
"Strong competition from emerging nations to secure major motorsport events threaten to marginalise Australia, with a resulting loss in status and tourism potential," he said.
British-based Apex Circuit Design Ltd will carry out the study into Eastern Creek, which was built in 1990.
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