Australian Open 2019 prize money: How much will players earn?

The opening grand slam of the year, the Australian Open, sees another 10 per cent increase in the total prize pot.

It takes the overall pool to $60.5m (AUD) (£34.38m) and will earn the men and women's winners $4.5m (£2.56m) each - an increase of £24,000.

Finalists will receive a cheque for £1.42m, while semi-finalists will collect £710,000.

Players who suffer a first-round exit will earn £28,410, which is down £490 on last year's figure. 

Roger Federer will defend the men's singles title and bid for a seventh Australian Open and 21st major overall.

Novak Djokovic also has ambitions of winning a seventh title in Melbourne. The Serbian made a sensational comeback in the second half of 2018 which saw him clinch the Wimbledon and US Open titles as he climbed back to the top of the world rankings.

Serena Williams has seven Australian Opens in her trophy cabinet and makes her first return to the opening slam of the season since winning it back in 2017.

The American was not physically ready to return last year, four months after giving birth to daughter Olympia.

Williams won her 23rd grand slam deep into her first trimester in Australia last time out.

Caroline Wozniacki returns to Melbourne with fond memories after winning her maiden major at the 43rd attempt.

While Williams is favourite with the bookmakers, Simona Halep, Angelique Kerber and Elina Svitolina are also among the leading contenders.

Djokovic is much fancied to continue his solid run with Federer second favourite in the odds and Alexander Zverev also tipped to make a major breakthrough after winning the ATP World Tour Finals at the O2 in November.

The US Open remains the most lucrative of the four majors. Last year Djokovic and Naomi Osaka both received £2.99m for their respective victories at Flushing Meadows.