Tuesday 17 June at 13:47 : Australian grand prix boss Ron Walker on Tuesday gave few hints about the future of the Melbourne race, after meeting with Bernie Ecclestone in London.

Earlier reports suggested the state Victorian government was set to sign a new promoters' contract with the F1 chief executive through 2015.

Walker, a renowned Melbourne businessman and chairman of the Australian Grand Prix Corporation (AGPC), subsequently emerged in London, where he was due to engage in reportedly final negotiations with F1's commercial rights holder.

It is now almost certain that the final sticking point is an increase in the annual race promoters' fee.

"There is a proposal on the table," Walker, 68, told the local Herald Sun newspaper following his meeting with Ecclestone.

"It's up to the government whether they accept it. The meeting was very cordial. We have a great relationship and discussions will continue," he added.