Players at January's Australian Open will be competing for a record prize pool with organisers Friday announcing a 13 percent boost in the total purse to Aus$86.5 million (US$59.0 million).

The winners of the men's and women's titles at the first Grand Slam of the year will both take home Aus$3.150 million, with players beaten in earlier rounds, and qualifying, faring better than ever.

Those crashing out in round one will receive Aus$120,000, up 13 percent, while second-round players get the same increase to Aus$180,000.

Even players knocked out in the first round of qualifying will receive Aus$31,250. In total, an extra Aus$10 million has been made available for the 2024 event.

Tournament director Craig Tiley said it was critical to ensure "the best players in the world are compensated appropriately".

"We know this allows players to invest in their own careers and in many cases, helps set them up for success throughout the year," he said.

"We want to ensure Australia remains the launchpad 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."

Prize money at the tournament, which gets underway at Melbourne Park on January 14, has more than doubled in the past decade.