Sydney Olympic Park hosts its last Supercars event in a few months’ time but into the future the final round of the Supercars series will still take place on NSW public roads, with the news of a five-year deal for a new event to be held at Newcastle.

The Newcastle Supercars event has state government support from Destination NSW and will be run in partnership with Supercars Australia and the Newcastle City Council.

“The Hunter has thousands of Supercars fans who now have an event to call their own,” NSW Premier Mike Baird said at the event’s unveiling in Newcastle.

“The Coates Hire Newcastle 500 will be the first Supercars race ever held in Newcastle and is another major event secured for Regional NSW.

“It’s a picturesque course that takes in some of the city’s best landmarks, including Nobby’s Beach and Fort Scratchley.

“The race is expected to inject more than $57 million to the Hunter region over the next five years, and attract 81,000 visitors from around NSW.”

Supercars chief executive James Warburton welcomed the announcement.

“The Coates Hire Newcastle 500 will be a spectacular event that will showcase Newcastle to a huge national and international audience and be a fitting finale to the Virgin Australia Supercars Championship.

“I want to thank Premier Baird, Minister Ayres, Destination NSW CEO Sandra Chipchase, Newcastle City Council and Coates Hire for their support to help create what will be an unforgettable event for Newcastle.”

The announcement comes one year after the local council’s decision to axe the annual Mattara hillclimb event, which had been held in Newcastle's King Edward Park since 1951, to make way for the Bathers Way coastal walkway. The Bathers Way coastal walk also passes through the Nobby’s Beach and Fort Scratchley areas.