Australia's richest golf tournament will be played in Perth from October next year when the Perth International Golf Championship begins.
The tournament - to be played at the Lake Karrinyup Country Club from October 18 - will be co-sanctioned by the PGA Tour of Australasia and the European Tour.
With US$2million of prize money up for grabs, tournament organisers are hopeful of attracting several big-names in the golfing world.
"Perth has a strong history of hosting successful international golf events, notably the Heineken Classic, Johnnie Walker Classic and the Lexus Cup, and this tournament will well and truly put the city back on the golfing map," Western Australian tourism minister Dr Kim Hames said.
"The Perth International is a joint initiative of Eventscorp and International Management Group (IMG) to bring another major international golf event to Perth."
"IMG will be the owner and promoter of the tournament, which will be sanctioned by the European Tour and the PGA Tour of Australasia. The European Tour is currently experiencing unprecedented success and boasts the top four ranked golf players in world."
"We have a three-year agreement for this tournament with options to continue, and our goal is to develop the Perth International into a feature event in the Asia Pacific region that is anchored in Perth."
CEO of the PGA Tour of Australasia, Brian Thorburn, was understandably pleased with Wednesday's announcement.
"The PGA Tour of Australasia is delighted to add the Perth International Golf Championship to its 2012 schedule and look forward to welcoming the European Tour and its players back to Australia," Thorburn said.
"Perth has a proud history of staging world class golf tournaments and, following on from one of Australia's most successful golf seasons ever, we look forward to working with the State Government and indeed all parties to grow this prestigious tournament over the next three years."
Chief operating officer and director of international policy for The European Tour Keith Waters was also happy.
"We are delighted to welcome the Perth International Golf Championship onto our 2012 International Schedule," Waters said.
"Returning to Australia, and the city of Perth in particular, will further enhance the global nature of The European Tour."