Sporting mums and retiring athletes are key targets of a $50 million funding package from the Australian Olympic Committee.
It's being hailed as the AOC's most significant athlete-funding initiative since the buildup to the 2000 Sydney Olympics.
Capitalising on a boost from its sizeable investment portfolio, the AOC will set up the $20 million Olympian Futures Fund to help support the athlete grants.
The bulk of the funding will go to an athlete retirement fund, which will start to kick in after the 2032 Brisbane Olympics with $32,000 payments.
There will also be Olympic team selection payments of $5000 per athlete. Like the retirement fund, it will start at next year's Winter Games and going through to the 2032 Brisbane Olympics.
Olympians who give birth after December 11 and are committed to make an Olympic comeback will also be eligible for a $10,000 grant per child.
AOC president Ian Chesterman, its chief executive Mark Arbib, Paris Olympic team chef de mission Anna Meares and her Milan Winter Games counterpart Alisa Camplin fronted a media conference in Sydney on Thursday morning to announce the funding.
“This is the AOC’s most significant funding announcement since the Australian Olympic Foundation (AOF) was established leading into Sydney 2000," Chesterman said.
“Women make up over 50 per cent of our Olympic teams. They are pivotal to who we are and we want to recognise that they are increasingly trying to balance starting a family and staying in elite sport.
“These grants reflect our ambition to contribute meaningfully to the Olympic movement’s shared priorities, empowering athletes, strengthening gender equity, and ensuring that major Games - including Brisbane 2032 - leave lasting legacies.
"More than just groundbreaking financial support, these grants reinforce the AOC and our member sports’ commitment to athlete welfare and a lifelong connection to our athletes: Once an Olympian, always an Olympian."
The AOF, which gives the AOC financial independence, is worth $200 million.
The AOC revealed the foundation this year "generated significant capital gains from its investment portfolio" and this money was used to start the future fund.
The projected costs are $42 million for the retirement grants and $1.1 million for the return to sport payments. This will be covered by the future fund and the retirement payments will not start until 16 years after competition, to help ensure its sustainability.
The AOC will stump up the money for the team payments at an estimated cost of $7.6 million.
Meares, a four-time Olympian and two-time Olympic gold medallist in track cycling, said she is an outlier among Australians who compete at the Games.
“Seventy per cent of our summer Olympians only go to one Games, so it’s clear - it is not easy to be an Olympian and it is even harder to have longevity as an Olympian," she said.
"These grants will encourage athletes to work towards multiple Games and contribute to the overall success of the team.
“This is putting value on the experience of our Olympians. The value has always been there but now it is being financially recognised.
“It took me until my third Games cycle to build a profile and confidence to be backed financially. And now the AOC is backing every Olympian from the get-go."
