Australian driver Mark Webber and Aussie team owner Paul Stoddart will be the big winners after a raft of changes to Formula One designed to cut costs and level the playing field.

That's the prediction of Australian Grand Prix Corporation chairman Ron Walker who has described the changes as great news for the sport, its fans and its drivers.

Major changes for the upcoming season include scrapping spare cars, banning electronic driver aids and eliminating radio communication between teams and drivers while a race is in progress.

F1's governing body FIA announced the changes, with the Australian Grand Prix in Melbourne from March 6-9 the first race to be held under the new rules.

Webber will make his debut for his new team Jaguar at Albert Park.

"It means it's back to basics and takes F1 out of the space age," Walker said.

"Given the equality of the technology you'll find that Webber will have a better chance than ever of getting up on the podium.

"This signals a new dawn - a new era if you like for Formula One - making things more competitive.

"It brings back the human hands so people can drive with all their skill."

With only 10 F1 teams this season after the demise of Prost and Arrows, the scrapping of the spare car and pit-to-car telemetry will save back of the grid teams millions of dollars.

Brought to you by AAP © 2024 AAP