Fernando Alonso currently leads the F1 standings

Mosley, president of world governing body the FIA, introduced controversial new regulations designed to slow cars down and reduce costs.

Speaking two races into the season, he said that lap times were now slower and costs had been significantly reduced.

"In summary, thanks to the efforts of everyone involved, the season has got off to an excellent start," he said.

"The drop in performance predicted by the Formula One technical directors has been achieved in the first two races.

"Had the rules not been changed it is reasonable to assume that the reduction in lap times from 2004 to 2005 would have been about the same as it was from 2003 to 2004.

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"Thus, assuming that normal progress would have been made had the rules not been changed, the cars were 5.2 and 3.5 seconds a lap slower in Australia and Malaysia respectively."

Mosley's plan to cut speeds was always more likely merely to restrict improvement rather than actively slow cars down, but his cost-cutting plans were attacked by many in the paddock.

They argued that by introducing 2005 regulations late in the 2004 season, teams would be forced to spend more money to update their cars,

But Mosley is adamant saving have been made in other areas, insisting: "Cost savings are significant.

"We understand that the tyre suppliers are now taking four sets per car to a grand prix compared to 19 sets per car in 2004.

"Also, each team is now using two engines for two events.

"Had the rules remained the same as in 2002, top teams would now almost certainly be using 12 engines for two events - one practice engine, one qualifying engine and one race engine per car per event.

"Bearing in mind that an engine rebuild costs more than �100,000 and remembering that these engines now last upwards of four times as long during private testing, the savings are enormous."

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However, many of the engine manufacturers in F1 say that costs have actually gone up this season because of the late change in rules to two-race engines.