The winner of this year's will land themselves just over £1.7million with both the men and the women receiving an equal amount.

The first Grand Slam of the year gets underway Down Under with the first round beginning in Melbourne on Monday. It's been more than four months since the US Open bought the curtain down on last year's major season and, in both the men's and the women's game, the same individual won both tournaments.

Yannik Sinner and Aryna Sabalenka head to as defending champions and also the most recent Grand Slam champions following their triumphs in New York.

They are both among the favourites to succeed again with Sinner among those looking to deny Novak Djokovic's quest for glory. The Serbian needs one more Grand Slam title to be set apart as the great tennis player of all time, at least statistically.

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He's partnered up with but will have to overcome the likes of Carlos Alcaraz - still seeking his first success at the Australian Open - and Alexander Zverev - a man still eyeing his first ever Grand Slam.

Jack Draper is Britain's big hope after showcased his quality with an impressive run at the US Open. He only made the second round last year, and even a repeat of that would earn him six figures.

In the women's draw Sabalenka is firm favourite to claim a third Australian Open title on the bounce but will face competition from the likes of Iga Swiatek, Coco Gauff and Elena Rybakina. Zheng Qinwen made last year's final and has continued to produce her best tennis on hard courts. Another run to the final would see her pocket just shy of a million.

Katie Boulter, now the highest ranked British woman, failed to make it past the second round in a Grand Slam throughout 2024 but is tipped to have a strong tournament. Eyes will, again, be on as the former US Open winner attempts to make a return to the top of the sport.

Raducanu made it to the fourth round of Wimbledon back in the summer - her best Grand Slam result since her success at Flushing Meadows. A repeat of that performance would see her earn more than £200k.

Champion £1.76m

Runner-up: £960k

Semi-finalists: £550k

Quarter-finalists: £334k

Fourth round: £210k

Third round: £145k

Second round: £100k

First round: £66k