The Australian Open prize money has been increased by 13% to A$86.5 million ($59.04 million) for the 2024 edition.
The players who are going to benefit the most from the raise are going to be those featuring in the earlier rounds and qualifiers.
The prize money at the Grand Slam has more than doubled over the last decade but the distribution of cash is more even as compared to previous years.
"We've upped prize money for every round at the Australian Open with the major increases in qualifying and the early rounds of singles and doubles," tournament director Craig Tiley said in a news release.
"We want to ensure Australia remains the launchpad for the global tennis season and the players and their teams have everything they need to help them perform at their best and continue to enjoy the Happy Slam."
The two singles champions will each bag A$3.15 million, which is more than a million dollars less than Novak Djokovic and Sofia Kenin clinched for winning the titles at the last pre-COVID event in 2020.
First-round losers, however, will secure a cheque for A$120,000, A$30,000 more than they would have received in 2020.
Players who take part in the first round of qualifying in January will receive A$31,250 — 20% more than they would have bagged at this year's tournament.
With a prize money of $65 million, the U.S. Open was the richest of the Grand Slams this year. While Wimbledon offered a total of 44.7 million pounds ($56.92 million) and the French Open 49.6 million euros ($54.89 million).
The Australian Open main draw begins on January 14 next year with the men's singles final rounding out the tournament on 28th of the same month.
