There have been question marks over the future of event after the existing contract ran out this year.
With local public opinion on the race perennially split there have been concerns that the state and local governments would not seek a new contract.
It has now been confirmed that a stop-gap deal is on the table, with the NSW government committing to a one-year deal.
That means that, pending approval from the Newcastle City Council, the Newcastle 500 will open the 2024 Supercars season before talks continue for a new five-year deal, which is preferred by the state government.
According to the announcement, single-year event deals are the current norm for the government as it rebuilds its funding war chest.
The announcement also says the future of the event is 'firmly in the hands of the Newcastle City Council', which has been actively canvassing local opinion since this year's event.
“In the current fiscal environment, the NSW government has prioritised retaining iconic major events such as the NRL Grand final, Mardi Gras, the Newcastle 500, and Sydney Festival," said Minister for Jobs and Tourism John Graham.
"These events and others are currently going ahead with one-year extensions while we work through the budget black hole we inherited.
“The NSW government is committed to finding solutions for our major events that generate economic and social value, delivering community and legacy benefits to our state and we look forward to a resolution for the Newcastle 500.”
So far the only actual date locked in for the 2024 season is the New Zealand round at Taupo, which will take place on April 19-21.
Newcastle will likely retain its March slot followed by the Australian Grand Prix.
NZ will likely be followed by Perth ahead of Darwin, Townsville, Tasmania, Sydney Motorsport Park, The Bend, Sandown, Bathurst, the Gold Coast and Adelaide.
