MELBOURNE, Australia (AP) — Australian Open organizers say they will offer 50 million Australian dollars ($36.2 million) in prize money for the 2017 tennis tournament, including $A3.7 million ($2.68 million) each to the men’s and women’s singles champions.

It is a 14 percent increase in prize money from 2016, and offers A$50,000 ($36,220) to a first-round loser in the tournament which begins on Jan. 16.

Tournament director Craig Tiley says “we are committed to further improving the pay and conditions on the international tennis tour to ensure every professional tennis player is properly compensated.”

The U.S. Open has the largest prize money for a Grand Slam tournament, a purse of $46. 3 million and $3.5 million for each of the singles champions.

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