The Australian Masters is an annual golf tournament on the PGA Tour of Australasia. The tournament was founded in 1979, and was co-sanctioned by the European Tour for the first time in 2006, with a significant 20% increase in the prize fund. Because the tournament is played late in the calendar year, in November or December, it formed part of the following year's European Tour schedule from 2006 through 2008. With the European Tour's decision to realign its schedule with the calendar year for 2010, the 2009 event was the first to be part of the current calendar year's tour schedule. The co-sanctioning with the European Tour was dropped after the 2009 event.