The Australian Open prize pot has been increased by 10 per cent to $55 million (AUD) (£31.8m) for this year's edition which includes the return of some of the men's big-name players.
The men's and women's winners will pocket a $4-million (£2.32m) cheque which is up from £2.14m in 2017.
Finalists will earn £1.16m for their efforts while first-round losers stand to earn £28,900.
Roger Federer will defend the men's title in a field which welcomes back some much missed stars.
Six-times champion Novak Djokovic is scheduled to return following a six-month absence with an elbow injury. Stan Wawrinka will make his first competitive bow since being knocked out of the first-round of Wimbledon last summer.
Australian Open 2018 prize money
Women's champion Serena Williams, meanwhile, decided she was not physically return to make her return from maternity leave despite an appearance in Abu Dhabi at the end of December.
Williams won her seventh Australian Open and Open-era 23rd grand slam deep into her first trimester last year.
The winner of this year's Daphne Akhurst Memorial Cup will receive the trophy from Billie Jean King, 50 years after she won her first Aussie Open title.
Prize money in tennis Grand Slams
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