The Australian Grand Prix has lost its place as the first race on the Formula One calendar to Bahrain, organisers of the Albert Park event said on Monday.

The Australian Grand Prix Corporation (AGPC) announced that the March 16 race in Melbourne would be the second race on the 2008 calendar and would start at 1530 local time to cater for European television audiences.

"Bahrain will stage the first race," a spokesman for the AGPC told Reuters.

"Taking all factors into account, this is the best option for our event and the people who support it," Ron Walker, chairman of the AGPC, told reporters.

He said the AGPC would not be pursuing the idea of hosting a night race.

"Our investigations have convinced us that as things currently stand, the disadvantages outweigh the advantages."

The street circuit at Albert Park has hosted the first race of every Formula One Grand Prix season since 1996 except the 2006 event, which was put back to the third in the calendar because the city was hosting the Commonwealth Games.