In the modern era, grand slams are where tennis players cement their legacies. It's also where they make a significant amount of their money for the year, especially for those who don't have lucrative endorsement deals.
The 2020 Australian Open has the tournament's highest purse of all time, though it still won't break last year's U.S. Open for the record of highest-paying tennis tournament ever.
The Australian Open has had equal prize money for the men's and women's tournaments since 2001. Since then, the French Open (2006) and Wimbledon (2007) have also made their payouts equal between the men and women, giving all four grand slams equal prize money.
Here's a breakdown of the prize money that will be award at the 2020 Australian Open.
MORE: Full TV schedule for Australian Open
What is the Australian Open purse for 2020?
The 2020 Australian Open purse is $48,839,125 for the men's and women's tournaments. It's an increase of 13.6 percent from last year's purse.How much money does the winner get?
The men's and women's singles champions will earn approximately $2.83 million each.
Last year's winners, Naomi Osaka and Novak Djokovic, won about $2.82 million.
The men's and women's doubles champions win $522,705, while the mixed doubles champions win $130,676.
Prize money breakdown for Australian Open 2020
| Singles | Men's/women's doubles (per team) | Mixed doubles (per team) | |
| Winner | $2,833,612 | $522,705 | $130,674 |
| Runner-up | $1,420,245 | $261,352 | $68,776 |
| Semifinal | $715,280 | $137,554 | $34,388 |
| Quarterfinal | $361,079 | $75,653 | $16,506 |
| Round of 16 | $206,331 | $42,641 | $8,253 |
| Round of 32 | $123,798 | $26,134 | $4,298 |
| Round of 64 | $88,034 | $17,194 | -- |
| Round of 128 | $61,899 | -- | -- |
Australian Open prize money compared to tennis' Grand Slams
| Tournament | Purse | Champion Payout |
| 2020 Australian Open | $48,839,125 | $2,833,612 |
| 2019 French Open | $46,822,000 | $2,524,000 |
| 2019 Wimbledon | $45,995,000 | $3,486,000 |
| 2019 U.S. Open | $57,238,700 | $3,850,000 |