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Australian Open Prize Money Reaches a New High, But The Currency Rate and Taxes Will Severely Impact Players.

At the end of December, the tournament’s organizers revealed that Melbourne Park would give a record A$76,500,000 in prize money for the upcoming Grand Slam tournament, up from A$74m in 2022.

Tournament director Craig Tiley has stated that “providing strong and meaningful playing opportunities and ensuring that the greatest players in the world are compensated fairly” is essential to the future success of the Australian tennis summer.

We’re hoping to make Australia the starting point for the worldwide season and to catch as many of them as possible. They motivate us to take part in this fantastic sport and set an example for the next generation.

A decade ago, in 2013, the prize pool was “just” A$30 million, making it the highest-paying tennis tournament on the circuit.

However, after accounting for the impact of the tax and currency rate, the players’ take-home pay will be significantly reduced.

In terms of comparability to the other Grand Slams, the A$76.5m is worth US$52.6m and £43.5m (one A$1 = US$0,69 and £0,57, respectively) The prize money at the French Open was $48m, the Wimbledon prize money was US$50m (£40.3m), and the US Open prize money was US$56m.

The first-place finishers in the men’s and women’s singles events at this year’s Australian Open will each get A$1,625,000 (about US$1,13m and £927,700), while the champions will receive A$2,975,000 (approximately US$2,06m and £1,7m).

The winners of the US Open and Wimbledon from the previous year each took home $3 million and $2.9 million (£2 million).

It’s not as much money as it seems, especially when compared to the prize pools at some Masters events, because of the pesky problem of having to pay a tax of 45% on profits above A$180,000.

The winner of the Indian Wells Open, Miami Open, and the Madrid Open in 2017 was given a total of US$1,231,245 (before taxes), and in Madrid, they won US$1,111,800.

But things are improving, since those who leave early will be compensated more.

“At the Australian Open, we’ve upped prize money for every round from qualifying through the finals, with the major increases in the early rounds, where these substantial rewards help players invest in their own careers and, in many cases, set themselves up for success throughout the year,” Tiley said.

2023 Australian Open prize money (An increase from 2022)

First-round qualifiers – A$26,000 (up 2.97%)
Second-round qualifiers – A$36,575 (3.03%)
Third-round qualifiers – A$55,150 (3.08%)
First-round main draw – A$106,250 (3.16%)
Second-round main draw – A$158,850 (3.15%)
Third-round main draw – A$227,925 (3.13%)
Four-round main draw – A$338,250 (3.13%)
Quarter-final main draw – A$555,250 (3.11%)
Semi-final main draw – A$925,000 (3.35%)
Runner-up main draw – A$1,625,000 (3.17%)
Winner main draw – A$2,975,000 (3.48%)

Mohit Sharma

Mohit is a skilled Content Editor who has contributed to Sportoversy. He has a deep understanding of the inner workings of the sports industry. Mohit is well-known for his ability to discover exciting stories and provide new insights into old issues. Aside from his professional work, he likes spending time in a peaceful environment.

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