The state government would be economically silly to let such a successful annual event slip.

The existing $6 million, five-year deal expires on Sunday after the Supercars third round at Symmons Plains.

Treasurer Peter Gutwein said it is "the event that draws the highest number of interstate and international visitors to our state".

"We are confident we will be able to land a deal that's in the best interest of Tasmania and that's good for Supercars," he said.

And just like the government-tied AFL deals to bring Hawthorn to Launceston and North Melbourne to Hobart, the Supercars agreement is so much more than sport.

Motorheads have been loyal supporters of the Supercars with more than 50,000 people regularly turning up over the three days annually.

Not all are Tasmanians, and therefore, accommodation providers in the region benefit along with restaurateurs, retailers, transport companies and the like.

There aren't may losers out of the contract.

In the past seven years, it is reported that $60 million has been injected into the state's economy - a massive sugar hit leading into the traditionally slower winter months.

The event is also a great social occasion with hundreds of school children enjoying practice on Friday and many families and friends planning to spend the weekend in the Northern Midlands.

Critics of governments spending large amounts of money on such sporting events and venue often overlook the social and health aspects.

Sports events and clubs big or small play an integral part in Tasmanian communities - helping with preventative and mental health especially.

The benefits far outweigh any negatives.

So here is to the next five years of Supercars, enjoy it and stay safe.