Along with offering a trophy and spot in the tennis history books, the four Grand Slams also provide serious financial incentive for the champions.
Here is what you need to know about the prize pot on offer at the 2024 Australian Open, the first Grand Slam of the year, to be held in Melbourne from January 14 to 28.
Total prize fund
The total prize money is A$86.5 million ($58.91 million), an increase of 13.5 per cent from 2023.
Tournament Director Craig Tiley said they had increased prize money for every round "with the major increases in qualifying and the early rounds of singles and doubles."
How much will singles players earn?
First round: A$120,000
Second round: A$180,000
Third round: A$255,000
Round of 16: A$375,000
Quarterfinals: A$600,000
Semifinals: A$990,000
Runner-up: A$1,725,000
Champion: A$3,150,000
Comparison with 2023 champions
The winners of the men's and women's singles in 2023, Novak Djokovic and Aryna Sabalenka, received A$2,975,000 in prize money.
French Open singles champions, Djokovic and Iga Swiatek, received 2.3 million euros ($2.54 million). Wimbledon singles champions, Carlos Alcaraz and Marketa Vondrousova, received 2.35 million pounds ($2.99 million). US Open singles champions, Djokovic and Coco Gauff, received $3 million.
Prize money for doubles competitors
First round: A$36,000
Round of 32: A$53,000
Round of 16: A$75,000
Quarterfinals: A$128,000
Semifinals: A$227,500
Runners-up: A$400,000
Champions: A$730,000
Prize money for mixed doubes players
First round: A$6,900
Round of 16: A$13,275
Quartefinals: A$26,500
Semifinals: A$50,000
Runners-up: A$94,000
Champion: A$165,000
