MELBOURNE, March 17, 2008 (AFP) - The premier of Australia´s Victoria state has said he expects to have a decision later this year on the future of the country´s Formula One Grand Prix.

The race´s future has been called into question, with Formula One supremo Bernie Ecclestone threatening to strip Australia of the race unless organisers agree to stage it at night once the current contract expires in 2010.

Ecclestone has insisted on the time change so that European television audiences can see the race live at a reasonable hour.

But organisers and the Victorian state government, which provides financial backing, say they think they can hold onto the race after widespread praise, including from Ecclestone, of Sunday´s GP won by Britain´s Lewis Hamilton.

"I´ve made it clear we want to keep this event. We will do whatever is fair and reasonable," Victorian state premier John Brumby told reporters.

"By (southern) spring of this year we´ll have a firm decision on the future of the Grand Prix."

Victoria lost almost 35 million dollars (33 million US) in taxpayers´ money on the Melbourne race in 2007 and budgetted for a blowout of more than 40 million dollars this year.

Australian Grand Prix Corporation chairman Ron Walker also said he was confident a compromise was near.

"Mr Ecclestone congratulated all of the teams and all of our staff for putting on what is another great Grand Prix for the rest of the world," Walker said.

"He said the spectacle because of the racing conditions was second-to-none -- better than many, many years in the past."

Walker said he had spoken to Ecclestone, who watched the race on television from his home in London.

"He´s wished us all the best for the future, so what better endorsement could you have?" he said.

As a compromise that organisers hope will appease Ecclestone, next year´s grand prix will start at 5:00 pm (0600 GMT), 90 minutes later than the start time for Sunday´s event.

Walker said he was confident the proposal would satisfy all parties.