Melbourne, Dec 29 (IANS): The Australian Open has hiked the total prize fund to Australian dollar $76.5 million at 2023's first Grand Slam. This means the winner of the men's and women's singles will take home a cheque of Aus$2.97 million each, which is substantially more than the runner-ups who will take home $1,625,000.

The high prize pool is a result of a 3.4 per cent hike and with the United Cup thrown in the mix, the total prize fund offered in these two events is AUS$ 100 million, the organisers announced here on Thursday.

"It is critical to the continued success of the Australian tennis summer that we provide strong and relevant playing opportunities and ensure that the best players in the world are compensated appropriately. We want to ensure Australia is the launchpad for the global season and that we see as many of them as possible. They inspire us all to engage in this great sport as well as inspiring future generations," Australian Open Tournament Director Craig Tiley said.

The increase in prize money is across all levels and a player losing in the will take home AUS $106,250. Players participating in qualifying and the doubles tournaments will also receive a higher payment compared to 12 months ago.

"We are delighted to have more than $100 million in prize money on offer across the Australian summer, along with more chances to compete across the country. We've worked tirelessly alongside the ATP and WTA to launch the exciting new United Cup, which includes its own significant ranking points and prize money, a further two WTA and ATP events in Adelaide, the Hobart International and an upgraded ATP 100 Challenger in Canberra," Craig Tiley said.

"At the Australian Open, we've upped prize money for every round from qualifying, through to 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," he added.

As per the latest calculations, players reaching the quarterfinal stage or better in the singles tournaments will make at least half a million in earnings.

Prize money at the Grand Slam has increased by 155% since 2013 when the tally was $30M. Furthermore, since Tiley became tournament director in 2007 the pool has expanded by 283 per cent. Even then, the Australian Open is quite conservative in its hikes as the Wimbledon and the US Open usually battle it out for the distinction of having the year's highest prize money.