Australian Open prize money will hit the $50 million dollar mark in 2017.
Tennis Australia has increased the total prize money at next year's event by 14 per cent.
The winner of the men's and women's singles events, will receive $3.7 million in prize money, an increase of $300,000, while the runner-ups will receive $1.85 million.
The prize money for a first round loser has also increased to $50,000.
“We are committed to further improving the pay and conditions on the international tennis tour to ensure every professional tennis player is properly compensated,” Australian Open tournament director Craig Tiley said.
“It was especially important for us to increase the compensation for players in the early rounds and qualifying, and this year we have made some real gains.
“We are constantly reviewing ways to improve the life of every player on tour, not just the top 100. This includes increasing prize money as well as removing as many costs as possible associated with playing our events.
“Our aim is to shift the break-even point for professional players, to ensure that tennis is a viable career option for the best male and female athletes in the world. We are also committed to equal prize money, equal exposure and equal opportunity for men and women."
Full prize money for men's and women's singles at Australian Open 2017:
Men’s and Women’s Qualifying Singles