Tournament organisers announced on Friday prize money at Melbourne Park had been increased by 13 per cent - $10 million - for 2024.
The biggest boost goes to players who bow out in qualifying and in the early rounds of singles and doubles.
Players will collect collect $31,250 - up from $26,000 - just to make the first round of qualifiers while first-round losers in the main draw will net 13 per cent more than this year, earning $120,000.
Semi-finalists will net $990,000, losing finalists $1.725m and the singles champions will receive $3.15m each - an increase of $175,000.
Prize money has more than doubled from the $40 million back in 2015.
"We've upped prize money for every round at the Australian Open with the major increases in qualifying and the early rounds of singles and doubles," said Australian Open tournament director Craig Tiley.
"We want to ensure Australia remains the launch-pad for the global tennis season and the players and their teams have everything they need to help them perform at their best and continue to enjoy the Happy Slam."
As well as the extra cash, the world's best players can enjoy a new gym, state-of-the-art ice baths and a coaches lounge.
