She might be semi-retired but Karrie Webb managed to do something this year that a lot of other golfers couldn't - beat Cameron Smith in a round of golf.

The pair are both teeing up in the Australian Open in Melbourne this week, for the first time male and female golfers playing on the same course at the same time for the same prize-money.

Men and women won't compete or even play in the same groups but Webb already has bragging rights over British Open champion Smith.

The seven-time major champion challenged her Florida neighbour to a round at her home course in the USA, with the stakes a bottle of wine.

Their match was rained out with a few holes to play but Webb was ahead, with Smith paying up with a bottle of Grange.

"I was ahead when we got rained out so he paid up," Webb said on Monday following her practice at Victoria Golf Club.

"He brought over a bottle of Grange - if he'd told me on the first tee that was what we were playing for I probably wouldn't have played so good.

"I had him sign the bottle and said I'm not going to drink this until one of us wins a big tournament and then two weeks later he did (at the Open) so now we've got to have a drink to celebrate."

Webb is a five-time Australian Open champion and has won titles at both Victoria - the last local winner in 2014, and in 2008 at Kingston Heath which will jointly host the opening two rounds.

She said she'd spent the past few days "easing her way back into it".

World No.5 West Australian Minjee Lee, who won this year's US Open, will start favourite in the women's tournament.

"I'm trying not wear myself out as I'm not playing as much golf now so I'm cautious of not being exhausted when I tee off on Thursday," 47-year-old Webb said.

"I feel like I've played enough sand-belt golf over my career that if I get off to a half-decent start and get the juices flowing and feel good out there you never know what might happen.

"I don't put any expectation on it but I think if I get into a good rhythm I have a chance to win - I wouldn't play a tournament that I don't think I have a chance."