The Nov 30-Dec 3 event will feature the continuation of the dual-gender format that will allow fans to see some of the best men and women golfers playing for different titles on the same course at the same time.
In addition to the men's and women's national opens, the event will celebrate further inclusiveness through the Australian all abilities championship (AAAC).
DP World Tour and PGA Tour winner Lucas Herbert and LPGA Tour star Stephanie Kyriacou are the first two players to confirm their appearance in Sydney this season.
The men's Open returns to The Australian for the first time since 2019, while the women's Open homecoming to Sydney is 16 years in the making, with Royal Sydney hosting the last event in the NSW capital when Karrie Webb was victorious.
The Australian will be the host venue across the four days with nearby The Lakes selected as co-host for the first two days of play.
The dual Australian Opens will carry a minimum of $3.4 million in prize money.
The men's event will be co-sanctioned by the PGA Tour of Australasia and DP World Tour, ensuring Australian golf is on the world stage for two consecutive weeks of the summer with the Australian PGA Championship staged at Royal Queensland the week before.
"We're incredibly excited to return to Sydney for this national event," said Golf Australia CEO James Sutherland.
"With fantastic golfing facilities and a city that features some of Australia's most well-known icons and tourist destinations, we will enthusiastically welcome golf fans and event goers to this unique event in Sydney."
After a review of last year's tournaments in Melbourne, and following consultation with both the men's and women's tour bodies and playing groups, the 2023 edition will have some format changes.
The men's field will consist of 156 players, with 84 in the women's field. Only one cut will be made, after 36 holes, reducing the field to the top 60 professionals plus ties in the men's Open, and a pro-rata top 32 professionals plus ties in the women's Open.
All professionals who make the cut will receive prize money, with both the male and female professionals earning the equivalent figure per finishing position.
In another change to the tournament schedule, the finale of the 54-hole Australian All Abilities Championship will start a day earlier with the final round and the champion player to be showcased on Saturday afternoon.
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