CA will raise the prize money by USD 600,000 if Australia go on to defend their ICC T20 World Cup title. Getty

Cricket Australia has announced that they will ensure parity in prize money between the Men's and Women's team in the upcoming ICC T20 World Cup. The prize money for the Men's winners at the tournament stands at USD 1.6 million. The ICC, yesterday (October 14) had announced a 320% increase in prize money for the Women's T20 World Cup which ensures that the winners take home USD 1 million.

Following ICC's announcement, Cricket Australia has committed to raising that amount by USD 600000 if the Australia Women's team bags the title.

Commenting on the decision, Cricket Australia's CEO Kevin Roberts said, "We want to continue our commitment to equality by ensuring that any prize money earned by the Australian Women's team in the T20 World Cup is the same as what is on offer in the men's side of the tournament. This will include matching the prize money for the final, semi-finals, or group stage

"The quality and skill level of the women's game continues to grow and that was witnessed firsthand last week with the team breaking another world record, winning 18 consecutive ODI matches.

"I am proud to say that cricket is the most lucrative team sport for women in Australia, with nationally contracted players receiving an average wage of more than $180,000 a year including domestic duties, while WBBL and state only contracted players earn an average of more than $55,000."

The announcement comes on the back of what has been a good week for Women's cricket overall, with the ICC saying that the sport has seen a rise in revenue generated.