The organizers of Formula 1 have agreed on a bonus point system for fastest laps.

To be introduced at this Sunday's season-opening Australian Grand Prix in Melbourne, the system will see a point awarded to both driver and team for achieving the fastest lap during a race.

It means a driver can gain an extra point even if they can't progress up the field, but to be eligible they also have to finish within the top ten placings. Coming 11th or lower, or failing to finish, means no bonus point will be awarded.

With 21 races on the calendar this season, it means there are an extra 21 points up for grabs in both the Drivers' and Constructors' championships. It should lead to more exiting racing and also provide a new challenge for drivers chasing the championship.

F1 actually had a bonus point system for fastest laps during the sport's inaugural season back in 1950. It remained in place up until 1959.