Tennis Australia president Geoff Pollard on Wednesday said players will compete for a tournament-record prize pool of $7.5 million, an 11.5 percent increase on this year's total.

The men's prize money has been increased by 10 percent and the women's by 15.8 percent. Winners of the men's and women's singles crowns will now each earn $450,000.

``This is great for women's tennis,'' said Martina Hingis, the world's top-ranked player.

``We have all been working on achieving equal prize money for a while and it is great that at the turn of the century, progress has been made. It is something we deserve and I appreciate that the Australian Open has done this.''

Equal prize money has been a goal of the women for several years. Until now, only the U.S. Open among the four Grand Slam tournaments has paid equal prize money.

``I think it's great. Women's tennis has certainly proven that it is worth it,'' Lindsay Davenport said.

WTA Tour chief executive officer Bart McGuire said at Wimbledon last year that the disparity in pay was unfair, and praised Wednesday's decision by Australian officials.

``Equalizing prize money at the Grand Slams is a major goal,'' McGuire said. ``It is a goal that we have preferred to approach through persuasion and diplomacy rather than through more aggressive means.

``Tennis Australia has responded very positively to our approach, and to the fact that women's tennis has generated record attendance and extraordinary worldwide publicity, as well as dramatically increased television coverage and television ratings.''

Earlier this year, Wimbledon rejected women's demands for equal pay when it announced new prize money amounts. The women's overall purse is 84 percent of the men's figure, a move that was heavily criticized by women's tour officials and players.