The Australian Open has raised the prize money on offer to its highest ever at A$50 million (approximately US$37 million), an increase of 14 per cent over the 2016 purse.
Men and women singles winners will each get A$3.7m (approximately US$2.7 million) while a first round loser will receive $50,000 (approximately US$36,000).
Australian Open Tournament Director CEO Craig Tiley said organisers wanted to ensure players were compensated at both ends of the spectrum.
“We are committed to further improving the pay and conditions on the international tennis tour to ensure every professional tennis player is properly compensated,” Craig Tiley was quoted on the Australian Open website.
The tournament is trying to make it attractive even for those who are looking to qualify for the tournament and are knocked out in the earlier rounds. For a player losing in the first round the prize money is up 30 per cent, the second round loser could get 19 per cent more while the player reaching the third round and still losing could end up with an amount 20 per cent higher than the 2016 purse, taking home A$130,000 (approximately US$94,000).
The Australian Open purse has risen sharply since 2001, when it was at A$13.9 million (approximately US$10.1 million). Since 2014 it has seen a A$10 million (approximately US$7.3 million) increase.