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The state's headline surfing competition has been saved from the chopping block with a new funding agreement being reached.

The Margaret River Pro will now continue until at least 2024 under a new sponsorship deal between the state government and the World Surf League. 

Few details have been provided on what the new agreement will cost taxpayers, other than the funding will be provided through Tourism Western Australia. 

Tourism Minister Paul Papalia said the agreement would protect the local economy.

"Events like this are crucial to filling hotel rooms and keeping people in our regions in work."

Sports Minister Mick Murray believes the event will act to showcase the state's sporting talent.

"Margaret River will continue to be profiled as a top surfing destination alongside the likes of Rio de Janeiro, Jefferys Bay in South Africa, Teahupo Ľo in Tahiti and Oahu in Hawaii," he said. 

There had been concerns the Pro would be axed from the World Championship Tour after shark attacks in Gracetown caused the event to be cancelled in 2018.

This year's event was cancelled in March due to the COVID-19 pandemic.

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