How much will the winner of the Australian Open earn, with the total prize fund a whopping $86.5m… everything you need to know as Novak Djokovic goes in search of 25th Grand Slam title

Global tennis stars at the 2024 Australian Open will be laughing all the way to the bank given the whopping prizemoney on offer.

Novak Djokovic will be aiming to win his 25th career Grand Slam – and incredibly, his 11th title at Melbourne Park when the tournament begins on Sunday.

If the Serbian, 36, lifts the trophy on January 28 he will be rewarded financially as well, with the victor in the men’s singles to receive a staggering $3.15million.

The same jaw-dropping prizemoney applies in the women’s singles, with Poland’s Iga Swiatek the favourite in many people’s eyes.

Whoever finishes runner-up will snare $1.725million.

Alex de Minaur looms as Australia’s best hope – the world number 10 will earn $600,000 if he can progress to the men’s quarter-finals

Those sent packing early won’t exactly have to dip into their savings to get by – first-round losers in men’s and women’s singles will receive $120,000, an increase of 13 per cent on last year’s earnings.

Semi-finalists will make $990,000, with Australian Open prizemoney more than quadrupling since 2005, when it was $19.1million.

Doubles players are poised to bank $36,000 even if they lose in the first round – with the winners of the title snaring $730,000 and runners-up making $400,000 per duo.

In mixed doubles, the winners receive $165,000 per team – with those eliminated in the first couple of days collecting $6900.

Poland’s Iga Swiatek is tipped by many tennis experts to win the Australian Open women’s singles title

Astonishingly, the world’s best players will compete for a total of $86.5million in prizemoney.

Australian Open Tournament Director Craig Tiley said increasing the prizemoney ensures many elite players won’t skip the tournament.

‘It is critical to the continued success of the Australian Open that we ensure the best players in the world are compensated appropriately as we know this [money] allows players to invest in their own careers and in many cases, helps set them up for success throughout the year,’ he said in a statement.

‘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.’