Winning players are paid handsomely (Image: TPN/Getty Images)

The 2023 Australian Open Down Under is in full swing, with the sport’s best players competing for one of the biggest titles of the tennis season.

And while players are undoubtedly playing for the glory of winning a Grand Slam, it’s also true that the prize money on offer in Melbourne is a driving force for many of the entrants.

But exactly how much money will the winners get in each round – and how big will the check be for the men’s and women’s singles champions?

Here’s your guide to the prize money on offer at this year’s Australian Open.

How much prize money do Australian Open winners get?

The total prize money offered to all players at the Australian Open is just over £43 million.

The Australian Open offers record prize money this year (Photo: TPN/Getty Images)

This equates to a 3.4 percent increase over last year’s tournament fees.

The winners of both individual competitions will be rewarded £1,697 million Prize money, with the runner-up receiving a check for £927,000.

Players eliminated in the first round will receive £61,000.

The winning teams in the men’s and women’s doubles receive 396,000, which is split between both players.

And the mixed doubles winning combination leaves Melbourne with 90,000 – split between the two players.

Since when do Grand Slams offer equal prize money?

All four Grand Slam tournaments – the Australian Open, French Open, Wimbledon and US Open – now offer equal prize money for the men’s and women’s tournaments.

The Australian Open became the second of the majors to agree to parity in 2001, after the US Open first did so in 1973.

The French Open started with the same prize money in 2006, while Wimbledon was the last major to start in 2007.