UPDATE: THE Australian Open has cracked the $50 million prizemoney barrier, continuing the tournament’s stunning growth.

Singles champions at the January 16-29 grand slam will receive a record $3.7million - an increase of $300,000 - while first-round losers will walk away with $50,000 each, up $11,500 on 2016.

Prizemoney has been boosted by 14 percent overall as the Open regains the mantle as the world’s richest major.

Tournament director Craig Tiley said organisers wanted to ensure players were compensated at both ends of the spectrum.

Angelique Kerber the 2016 women’s champion alongside runner-up Serena Williams Source: AP

“We are committed to further improving the pay and conditions on the international tennis tour to ensure every professional tennis player is properly compensated,” he 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.

“In 2017, prizemoney for all three qualifying rounds has increased an impressive 39 percent, with $25,000 for players losing in the final round.

“First round prize money is up 30 percent, there’s a 19 percent increase in the second round, and losers in the third round will be 20 percent better off, taking home $130,000.

Novak Djokovic won the 2017 men’s tournament Source: News Corp Australia

“Compensation of this magnitude recognises the elite level these athletes have achieved and allows them to invest more in their own careers, which includes funding their own travel, coaches and conditioning expenses.

“We are proud of our record in looking after the players, and will continue the push for increased prize money for professional players.

Australian Open prize money has more than tripled since 2001, when it was $13.9m, with a $10m increase since 2014.

The 2016 Open offered a total of $44million with first-round losers receiving $38,500, while singles champions Novak Djokovic and Angelique Kerber walked away with $3.4million each.

In 2012, first-round losers in the main draw received $20,000, and the singles champion $2.3 million.

Men’s and Women’s main draw singles prizemoney breakdown

Winner

$3,700,000

Runner-up

$1,850,000

Semifinal

$820,000

Quarterfinal

$410,000

Round 4

$220,000

Round 3

$130,000

Round 2

$80,000

Round 1

$50,000

Men’s and Women’s Qualifying Singles

Round 3

$25,000

Round 2

$12,500

Round 1

$6,250