Cricket Australia said it will bolster the prize money for the women's team for the T20 World Cup to ensure they earn equal to their male counterparts.
The announcement comes after the International Cricket Council introduced a 320% increase in the prize money for the 2020 showpiece competition, which means the champions will pocket $1 million and the runners-up take home $500,000.
CA has vowed to reward the Australia women's team, captained by Meg Lanning, with an additional $600,000 if they claim the T20 World Cup title.
This would entail parity with the prize money set for the Men's winners, who will be given $1.6 million by the ICC.
"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," CEO of Cricket Australia Kevin Roberts said.
Australia, ranked No. 1 in the ICC T20I standings for teams, are firmly placed as the favourites to bag the coveted title when the tournament kicks off in February next year.
CA recently introduced a parental leave scheme to facilitate women cricketers, allowing them 12 months of paid maternity leave.
Roberts admitted there was still plenty to do in the realm of bridging the pay gap between male and female cricketers.
"While there is no doubt we are starting to see financial progress for our talented cricketers, we still have a way to go and CA will continue to play a role in driving equality for our athletes."