Prize money increased

Both singles champions will receive a record £927,000 while the runners-up will each pocket £465,000m.

"We believe that £927,000 is an appropriate reward for winning the biggest sporting event in the world in January," Tennis Australia chief executive Steve Wood said in a statement on Saturday.

Organisers had already announced in October they were lifting the first prize amounts from £635,000 to £751,000 but decided to raise it to counter the drop in exchange rates.

"We announced a prize money increase in October for the same reason - to further enhance the status of the Grand Slam of (the) Asia Pacific (region)," Wood said.

"I also said at the time that we would monitor the exchange rate and review the situation closer to the event.

"We have done that and today's announcement is the end result."

The Australian Open will be held at Melbourne Park from January 19 to February 1.