The Australian PGA Championship will be co-sanctioned this year by the European Tour and become the richest tournament in the country, officials said Tuesday.

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The year-ending tournament, on the Gold Coast from December 3-6, will see its prize fund boosted to Aus$1.75 million (US$1.34 million) with the European Tour given 60 entries.

The winner will be granted exemption into the 2016 WGC-Bridgestone Invitational and the 2016 BMW PGA Championship.

PGA of Australia chief executive Brian Thorburn said co-sanctioning with the European Tour would provide a greater reach with the event broadcast through Europe, Asia and the United States.

“This is a huge step forward for the tournament to rank alongside many of the great tournaments in Europe and Asia,” he said.

“The partnership will also provide the opportunity to improve the strength of the field through the greater depth of international players currently playing on the European Tour.”

Last year’s tournament was won by Greg Chalmers following a dramatic seven-hole playoff against fellow Australian Adam Scott.