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World No. 2 and top seed Sabalenka came into the contest on a 15-match winning streak in Australia but was outplayed by former Wimbledon champion Rybakina.
The total prize money is A$86.5 million ($58.91 million), an increase of 13.5 per cent from 2023.
A glance at the sporting calendar - both international and national - for 2024.
In September, the 32-year-old former Wimbledon and French Open champion was banned by the International Tennis Integrity Agency for four years for two separate anti-doping rule violations.
Rajeev Ram and Joe Salisbury took the men's doubles award while Storm Hunter and Elise Mertens claimed the women's doubles title.
The world No. 1 enjoyed an extraordinary 2023 by winning three out of the four Grand Slams to take his tally to 24.
Kyrgios' injury woes began after a stellar 2022 campaign in which he reached the Wimbledon final, won the Washington title and made the quarterfinals at Flushing Meadows.
Twice champion Rafael Nadal was named in the draw, having recently confirmed he will play at the warmup Brisbane International after a long injury lay-off.
The 20-year-old Alcaraz, who also has won six titles this season, missed out on becoming the youngest finalist in the season-ending tournament since Pete Sampras in 1991.
The 20-year-old Alcaraz will need to beat Medvedev in his final group game on Friday.