The Australian Open has confirmed that the prize money for this year's tournament will be a record $40m (£21m).

It had previously been announced that the prize pool would be increased from $33m (£17.62m) to $36.3m (£19.38m) in October, but the weakness of the Australian dollar has seen the amount raised once again.

"This is not a decision we have taken without a lot of consideration," Tennis Australia CEO Craig Tiley is quoted as saying by The Guardian. "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 champions will each pocket $3.1m (£1.66m).