An excited and happy Ross Brawn hailed Brawn GP's momentous day in Australia as "just the beginning".

Aussie GP Race Day highlights here

Jenson Button and Rubens Barrichello scored a stunning one-two for a team that just under four months ago was virtually on the scrapheap.

But a management buy-out of Honda Racing led by Brawn, a man more renowned for his technical prowess, saved the team and the bulk of the jobs at the team's factory at Brackley.

Brawn GP CEO Nick Fry has confirmed 230 are to go of the 700, slashing the workforce to the levels last seen four years ago when they ran under the guise of BAR.

The celebrations, though, were naturally exuberant, with champagne flowing in the team's hospitality area at the Albert Park circuit in Melbourne.

"We have worked incredibly hard for this victory today," said a delighted Brawn.

"To see the dedication, commitment and sheer hard work come to fruition, with Jenson and Rubens bringing home a one-two finish for the team at the first race of the season, is immensely rewarding.

"After everything our team has been through over the past four months, this is quite simply a sensational result.

"It's difficult to put into words what this win means to our team.

"But I'm sure I speak for every single one of them, at the track and back at the factory in Brackley, when I say it has been a wonderful weekend.

"And it is just the beginning for us, but it wasn't a perfect race by any means, so we will learn from today and continue to improve.

"We have to keep developing the car throughout the season if we want to challenge for further wins and the championship."

That "wonderful weekend" started yesterday morning when Virgin were announced as a major sponsor courtesy of the backing of Sir Richard Branson.

However, the multi-millionaire entrepreneur may have to up the ante on the back of this result if he is looking to become a title sponsor, as has been mentioned.

"It's a case of watch this space," said Branson.

"One day we might name a team after Virgin, so we will see, and I'm sure we will have some discussions.

"They've certainly got me addicted to the sport, so it will be a good time to sit me down and have a word I think.

"Maybe they should keep on plying me with champagne, keep the gorgeous Virgin girls either side of me, and you never know what might happen!

"Seriously, they deserve supporting. Their car, just six weeks ago, looked like it was never going to race, and that all the team at Honda would be out of work.

"We would never have known what a great car it is, so it's great to play a part in rescuing the team and we hope Virgin will be part of it going forward."

But for now, he too was in party mood as he said: "This is pretty damn good.

"I've been born under a lucky star and I've had a few weekends that have been beyond my wildest expectations but no weekend can ever possibly match this one.

"It was absolutely spectacular and wonderful for the sport the way it has all worked out, and great for this team, one that will go on to greater and greater things."

As for Button's dad, John, who has followed his son all across the world and been with him through thick and thin, this was especially sweet, and now he can dare to dream of his boy becoming a champion.

"It has to be on the cards, as long as they keep improving the car, and the money is there to do it - I think," said Button snr.

"But this team is just outrageous. They've proven the skills are there and it was just a case of getting it together."