The Australian Grand Prix is yet to sign a title sponsor for its 2010 event.

The Melbourne race was previously backed and named after the Dutch bank ING, who early last year announced it would no longer be involved with Formula One beyond 2009.

March's Australian GP at Albert Park made a $40m loss, and the local Herald Sun newspaper said the lack of a title sponsor for the 2010 event will cost taxpayers even more.

But the race organiser's chief executive Drew Ward insists Melbourne could successfully host the event without a title sponsor.

He also said efforts to attract corporate interest is a "work in progress".

"There won't be any impact on the overall cost of the event in terms of overall sponsorship revenue. If you look back at this year's event, general sponsorship interest was increased on previous years," said Ward.

A spokeswoman for the Victorian state government said that with three months to go until the 2010 race, a sponsor could yet be signed.

"It is not unusual for an event as big as this not to have a title sponsor in place this far out," she said.

Despite traditionally hosting F1's season opener, in 2010 the Melbourne race will follow mid-March's Bahrain GP.