Australian golf will see something novel this summer with the announcement of a "two-in-one" format for the Victorian Open.

For the first time, the men's and women's championships will be decided on the same day and on the same golf course.

The revamped tournaments will each carry the same prizemoney, although the women's event will be over 54 holes and the men's the traditional 72 holes.

"Golf needs new initiatives and new formats if it's to survive at this level," said Warren Sevil, chief executive of Australian Ladies Professional Golf.

"This is a bold idea that has a lot of benefits for fans and organisers."

It also marks the return to the circuit after 20 years, of the women's Victorian Open.

Under the new format the men's Open will commence with a 144-strong field on Thursday, January 5 at Spring Valley Golf Club with the women's starting the following day with 84 players at Woodlands Golf Club.

The women will then move to join the men at Spring Valley for their final two rounds.

A cut will be applied to the men's field after 36 holes, reducing it to 50 players and the ladies' field will be reduced to the same number after its second round.

On the final day the men and women will tee-off alternately with the leading women's group and the leading men's being the last two to play.

"The simultaneous staging of the two events means we don't have to double up on things like sponsorship and gives us savings on operational costs and at the same time provide spectators with a unique experience," said Golf Victoria CEO David Greenhill.

Each event carries prizemoney of $125,000 with the Victorian government providing $75,000.