Australian Open prize money tops $76 million: What each player gets

The Australian Open prize fund has reached a new record high. (Source: Getty)

Talk about a grand slam! The Australian Open prize fund reached a record $76.5 million this year, with the world's best tennis players competing for their share.

And this year, the players will get more than ever at every level, with the prize money having been upped for every round - from qualifying, though to the finals.

Australian Open tournament director Craig Tiley said the increases were important to help players invest in their own careers and set themselves up for success through the year.

• Also read: $4.2 billion: How much has the 2020 Tokyo Olympics cost Japan?

• Also read: Brisbane 2032 Olympics: Westpac predicts $17 billion boost

• Also read: $22,000 fine: AFL ticket scalpers on notice over excessive prices

“It is critical to the continued success of the Australian tennis summer that we provide strong and relevant playing opportunities and ensure that the best players in the world are compensated appropriately,” Tiley said.

“We want to ensure Australia is the launchpad for the global season and that we see as much of them as possible. They inspire us all to engage in this great sport, as well as inspiring future generations.”

How much will the players earn?

• First round of qualifying – $26,000 (up 3 per cent)

• First round doubles teams – $30,975 (up 3.1 per cent)

• First round main draw singles players – $106,250 (up 3.2 per cent)

• Players reaching the second round – $158,850 (up 3.1 per cent)

• Semifinalists will earn $925,000, (up 3.4 per cent)

• Singles champions will take home $2.975 million

Australian Open prize money has increased by more than 321 per cent, or $58.32 million, in the 20 years since 2003, when it was $18.18 million. And in the past 10 years alone, prize money has more than doubled (up 155 per cent) from $30 million in 2013.

Both men and women players are awarded the same amount of money for winning and competing.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.