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Total prize pot upped to $55 million at 2018 Australian Open

Total prize pot upped to $55 million at 2018 Australian Open

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The full details of the prize money for the 2018 Australian Open will be revealed in December 2017, but tournament director Craig Tiley has already revealed some important news.The men's and women's singles champions will earn (AUD) $4 million, equivalent to US $3 million.

Total prize money will be increased by 10% to $55 million. 'It’s the first time ever that both the women and the men’s winner will receive $4m each that has not been done by any other grand slam or any other event,' Tiley said.

In honour of her triumph at Melbourne Park in 1968, in the first tournament edition held in the Open Era, Billie Jean King will present the women's singles trophy to the champion. In 2017, the legendary Rod Laver had presented the men's singles title to Roger Federer, who will seek to defend his title and win his sixth title.

Aside from the 2017 title, Federer won the Australian Open in 2004, 2006-07 and 2010. ALSO READ: Chris Evert: 'Players will be less intimidated by Serena Williams' .