The Vic Open will head back to 13th Beach on the Bellarine Peninsula for 2023 and 2024, with the tournament to be hosted for the 10th consecutive time at Barwon Heads.

Golf Australia announced on Friday the championship will carry a minimum $420,000 prizemoney each for men and women.

Players will line up from February 9-12 at the Beach and Creek courses at the seaside facility, with the event sanctioned by the Tour of Australasia and WPGA Tour Australasia.

New South Welshman Dimi Papadatos and Perth's Hannah Green are the defending champions.

Other recent winners include current women's world No.4 Minjee Lee and her younger brother, Min Woo Lee, who is emerging as one of the best young talents in the world.

Since the mixed-gender event was first staged in 2012, golf organisations and tours around the world have followed suite, with the Vic Open viewed as the catalyst for most of them.

"This is a significant event in world terms," said Golf Australia CEO James Sutherland.

"The Vic Open changed the landscape for golf right around the world, and we want it to continue to be a groundbreaker, providing great experiences for players and intimate viewing for fans.

"We're delighted to have the tournament back at 13th Beach, not only because they are such a wonderful pair of golf courses but because the atmosphere and community support on the Bellarine Peninsula is second to none."

Altogether 144 men and 84 women will start out in the first round, with the top 35 in each category and ties making it through to Sunday.

The Vic Open forms part of an exciting summer of golf in Australia that will include the return of the Australian Open, following a two-year gap and reinvented as a mixed-gender event, four Webex Players Series tournaments with men and women competing for the same prize, and the return of the New Zealand Open at Millbrook.