Australia’s Olympic competitors are vying for eternal honor in Paris, along with a financial reward for those who secure a podium finish.
While the Australian Olympic Committee normally funds athletes’ travel, lodging, and meals, they do not provide salaries.
Nonetheless, the AOC has established a Medal Incentive Funding (MIF) program aimed at encouraging elite athletes to remain in their sports and represent Australia in future Olympic Games, as stated on the committee’s website.
Australian athletes receiving gold medals will earn $20,000; silver medalists will take home $15,000, and bronze medalists will get $10,000.
However, this amount is minor compared to nations like Singapore, which reportedly awards gold medalists over $1.1 million, $561,880 for silver, and $281,903 for bronze medals.
It may lead one to assume that an athlete like Emma McKeon, Australia’s most decorated Olympian with 12 Olympic medals—six gold, two silver, and four bronze—would accumulate $190,000 for her achievements over the years.
Unfortunately, this is not the reality.
Jessica Fox, who carried the flag for Australia, won gold in the women’s kayak single final and will earn $20,000 from the Australian Olympic Committee for her achievement.
‘Each athlete can only earn one payout based on their top result,’ the AOC’s website notes.
‘In essence, securing multiple golds in a year does not qualify for additional gold payments, and a performance yielding both a silver and bronze only merits a single silver award, as the higher achievement takes precedence.’
This means that McKeon would have been eligible for just $60,000 through the MIF for her successes in London, Tokyo, and Paris.
Individual payments are awarded to athletes who participate in team sports.
‘For team disciplines, the incentive payment is allocated based on the number of athletes eligible according to the Olympic Qualification System,’ the AOC website indicates.
‘For instance, the men’s basketball team, consisting of 12 members, would collectively receive $120,000—$10,000 per player—for their bronze medal achievement.’
Moreover, the MIF is not the sole avenue for athletes to earn income.
Elijah Winnington, who won silver in the Men’s 400m freestyle, will collect $15,000 from the AOC—unless he wins gold in any other event.
Athletes in team events receive individual payments, meaning each member of Australia’s gold-medal winning women’s 4x100m team will receive $20,000 (including Mollie O’Callaghan, Shayna Jack, Emma McKeon, and Meg Harris).
They can also gain funds through grants, sponsorship deals, and philanthropic contributions.
For instance, Gina Rinehart, Australia’s wealthiest individual, is the biggest supporter of Olympic athletes, donating an estimated $10 million annually through her company, Hancock Prospecting, particularly for sports like swimming, rowing, and volleyball.
Additionally, Rinehart will present customized Rossie boots to any Australian athlete who wins in the pool, having purchased the shoe company last year.
Athletes in track and field will also have the chance to earn bonuses from their global federation.
World Athletics has recently declared a prize pool of $3.6 million, which includes $76,000 for each winner in the 48 athletics categories.
‘Although it’s challenging to assign a monetary value to the honor of winning an Olympic medal or to the dedication required to represent one’s country at such an event, it’s essential to initiate steps ensuring that athletes receive a part of the revenues they generate during the Olympic Games,’ stated World Athletics President Sebastian Coe.
