The Australian Open has increased the prize money for this year’s Grand Slam tennis championship to a record 40 million Australian dollars, which begins on 19 January at Melbourne Park.

Previously it had been announced that the prize money would be increased from $33m to $36.3m in October, but due to weakness of the Australian dollar forces the organisers to further rise.

#ausopen prize money has increased to an historic high of $40 million. Read more: http://t.co/kzpvQ4Jjvl pic.twitter.com/iNenNjcUhu

— Australian Open (@AustralianOpen) January 9, 2015

“This is not a decision we have taken without a lot of consideration,” Tennis Australia CEO Craig Tiley said. “But we have a commitment to the players that we are determined to help improve pay and conditions on the international tour. We are honouring that commitment.

“This increase is simply the Australian Open honouring our pledge to the players that we will continue to look at all ways and means possible to get this right. That involves increasing prize money as well as cutting and where possible removing the costs associated with playing our events.”

The men’s and women’s singles winner will each get $3.1m, while a first round loser will pocket $34,500

Switzerland’s Stan Wawrinka, and China’s Li Na have won the last year tournament. However, this year – the women’s single will get a new champion because Li, 32 took retirement from last year due to recurring knee injury.