Gold medals, glory, and greatness. Those are the images that come to mind when we think of the Olympic Games.
On the eve of the Paris 2024 Summer Olympic Games, athletes, coaches, and organisers are gearing up to put on a spectacle for us eager viewers, hungry for grand displays of skilled athleticism, fierce competition, and new world achievements.
Too often, we, as spectators (and perhaps the athletes themselves), are swept up in the excitement of such sporting events. In the world of elite sports, however, achieving Olympic success often comes with an unspoken price tag.
Many believe that athletes are paid generously for their sporting endeavours or have a substantial amount of wealth. While the recognition of winning a medal at the Olympic Games is undeniable, the financial realities for many athletes are a stark contrast to the public perception of sporting success. Not everyone can win a medal or the prestige that comes with it.
So, how much do Australian Olympians actually earn?
In Australia, athletes can earn the following through the Australian Olympic Committee’s Medal Incentive Funding (MIF):
While that is a tidy sum of money, athletes are only eligible for one payment—i.e., they will only be paid for their best result, even if they win more than one medal in a year. So, if an athlete wins multiple medals, such as one gold and two bronze, they would only get paid for the gold one.
Moreover, athletes must prove to the Australian Olympic Committee (AOC) that they intend to gain national selection for the following year to receive payment.
The payment requirements for team sports differ from those for individual athletes. Each team
member receives the allocated payment for a medal. For example, in a team of 12 that won a bronze medal, each team member is paid $10,000, a team total of $120,000.
Despite receiving money, Aussie athletes are paid significantly less than other athletes from some countries. Singapore, for example, pays its athletes USD$737,000 for winning a gold medal—roughly AUD$1 million! In the United States, athletes receive payments per medal won, with USD$37,500 (AUD$56,391) for gold medals.
In recent developments, World Athletics (WA) announced in April 2024 that it would pay gold medal winners in the sport of athletics USD$50,000 each. As the international governing body for athletics, World Athletics oversees the growth and development of athletics on the world stage.
WA projected 48 gold medalists at this year’s Olympic Games. The prize money will come from revenue the International Olympic Committee provides to World Athletics and other sports governing bodies.
While WA provides funds to member federations, this pool of money will be directly awarded to gold medalists. So, any Australian athlete who wins gold in athletics will receive AUD$20,000 from the Australian government and USD$50,000 from World Athletics—a whopping total of AUD$94,000!
Australian athletes do remain some of the more fortunate ones when it comes to financial compensation for the Olympics. Some countries, such as Great Britain and Norway, don’t offer any money to athletes who bring home medals.
Despite the incentives involved in winning medals, it’s important to remember that not all athletes can win medals. If not winning equals no funding, then athletes face troubles and challenges when competing at the elite level.
Poverty is a significant issue for aspiring Olympians. An Australian Sports Foundation survey found that 46 percent of athletes earn less than $23,000 per year. Two-thirds of athletes have considered quitting sports due to low pay.
These findings tell us that athletes who have not or cannot achieve the required level of success often find themselves excluded from the conversation—which can mean limited financial support.
It also raises concerns about participation in sports, as the availability of funds often means athletes are forced to discontinue their sporting journeys and abandon their dreams.
Some athletes can receive funding through their respective sporting bodies. For example, in Australia, the Australian Olympic Committee (AOC) provides some funding for national sporting organisations (NSOs) that receive less than $100,000 from the Australian Sports Commission. NSOs can receive up to AUD$25,000 per annum if an athlete(s) from their sport is likely to win a medal at the Paris 2024 Olympics. To be eligible, athletes must have won a medal previously in any major international sporting competition.
However, this funding from the AOC has some limitations, as the funding is still medal-based and dependent on the whims of these sporting organisations. In other words, athletes are not able to apply for such funding directly; that responsibility falls on the governing bodies of their respective sports.
It’s also worth noting that such funding is only available in the lead-up to the Olympic Games.
The AOC covers athletes' travel costs to and from the Games. In partnership with Reed&Mackay, the AOC organised flights and other travel arrangements, including transport to sites within Paris and equipment handling.
Despite this, funding is very much medal-based. The host city at least covers accommodation costs through the Olympic Village. During the Games, athletes can live in the Village and enjoy various benefits beyond accommodation, including meals, shops, leisure facilities, and other services.
Yet these services are only available during the Games, a two-week spectacle that only takes place once every four years. How else are athletes meant to find funding outside of these timeframes? The answer lies in fundraising or initiatives like the Aussie Athlete Fund.
Founded by Natalie ‘Nat’ Cook OAM OLY, a five-time Australian Beach Volleyball Olympian and Gold and Bronze Medallist, the Aussie Athlete Fund is an innovative model that seeks to support aspiring elite athletes. It aims to educate, empower, mentor and foster confidence in athletes so they can raise funds for themselves and build their networks as they pursue their sporting dreams.
“One of the challenges for many elite athletes is the better you get, the more money you need to spend on staying ahead of the game on - you want to bring in more experts, you want to have coaches that are going to travel with you,” says Nat.
“Since I was eight years old, I have been fundraising. Whether it was asking Grandma for money to go swimming from Townsville to Cairns, you are asking people to pay for your sporting dreams. Now, the return on that effort is that our performances uplift the nation.”
On the reasons for establishing the Aussie Athlete Fund, Nat says, “I've built the Aussie Athlete Fund to share the fundraising lessons that I’ve learned over 40 years - the ins and outs, the tips and tricks. We're teaching athletes all of that, as well as providing opportunities for them to receive donations and be given the chance to work with corporate Australia on fundraising.”
Beyond the AOC, it’s clear that the Australian government needs to ramp up funding for athletes, particularly those on their elite campaigns.
The Paris 2024 Olympic & Paralympic Games Preparation Fund was one such example for this year’s Games. Through this grant, NSOs experiencing financial strains could apply and receive funding to cover preparation costs for the Games.
In April 2024, the Albanese government announced a $249.7 million package for the Australian Institute of Sport. The stimulus package will go towards a training and accommodation facility to enhance performance and participation for elite athletes in Canberra.
The AOC has also promised an increase in its incentive funding, including a new athlete funding scheme, an Indigenous Athlete Performance Grants program, and a fund to grow the number of Olympic Indigenous athletes by Brisbane 2032 and beyond.
The Indigenous Athlete Performance Grant awarded sums of $5,000 to eligible athletes to support their Olympic journeys to Paris 2024. Another fund, the Australian Olympic Indigenous Athlete Fund, will also be made available.
It will generate between $500,000 to $1 million per year and is designed to support Aboriginal and Torres Strait Islander athletes by providing more equitable opportunities and reducing financial barriers across diverse backgrounds.
Beyond these initiatives, funding for athletes primarily comes from grants and sponsorships.
“The formula for success in sponsorship or fundraising is understanding the ratio of 99 no's to that one yes,” says Nat.
“For too long, our Aussie athletes have battled for every cent to support themselves, and they and still retire in debt. Together with etrainu, we are providing Aussie athletes with access to financial education to help ensure they are better equipped with the skills, tools and confidence to build their own financial sustainability.”
“The Aussie Athlete Fund is there for any athlete: para, able-bodied, in any sport. If you are trying to represent Australia in sport and wear the green and gold tracksuit, we are here to support you.”
As the world watches and cheers on the Olympic athletes’ pursuit of podium finishes and medal wins, there’s an important story about what goes on behind the scenes. While the glory of an Olympic medal is undeniable, many Australian athletes—and athletes around the world—face economic hurdles on their elite sporting journeys.
Now more than ever, there’s a strong opportunity to enhance the support available and help athletes strive for excellence and shine on the world stage.
For more Olympic insights and fun, visit the etrainu Games page.
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