The Australian Government's announcement represents a significant increase in overall investment in high performance sport and includes an additional €11 million for direct investment grants to athletes and a historic additional investment of €34 million to support Paralympic sport - double the previous level. 

The Australian Government has made the largest ever investment in Olympic and Paralympic sport. A record €176 million in new funding will flow to elite athletes, coaches and support staff over the next two years in a historic show of support on the road to Brisbane 2032.

This investment represents a 50 per cent increase on the previous Government's High Performance funding for 2021-2022. It also represents a doubling of the previous Government's investment in Paralympic athletes. This new funding is in addition to the annual grant of €63 million, bringing the Government's total investment in high performance to €304 million over two years.

The funding package for Paralympians is also the largest in history. The investment is a major boost ahead of next month's Paris Olympics and will boost Australia's hopes of winning gold at Los Angeles 2028, Brisbane 2032 and the Winter and Commonwealth Games.

The Australian Government has announced an extra €176 million in funding for sport over the next two years to lay the foundations for success when the nation hosts its third Olympic Games in Brisbane in 2032.

The additional funding, announced by Prime Minister Anthony Albanese in Canberra, brings the total government funding for sport over the next two years to 304, according to the Australian Sports Commission (ASC).

Prime Minister Albanese said: "We are cheering on all our athletes as they head to Paris. We are so proud of them and my Government is supporting Australian athletes with record funding. Minister for Sport Anika Wells said: "This is the largest investment any government has made in our Olympic and Paralympic sports and will help athletes achieve glory on the world stage."

Australian Olympic Committee President Ian Chesterman welcomed the investment as "very good news" that will help athletes represent Australia on the international stage. "This increase in funding is a very important start to helping our athletes be their best, inspire future generations and build a strong sporting system," Chesterman said.

Paralympics Australia President Alison Creagh also praised the investment, saying it was a "monumental generational shift for Para sport. We believe this investment is a testament to the long-term vision for Paralympic sport in Australia.”